Canaan (NASDAQ:CAN) Shares Gap Down – Here’s What Happened

Canaan Inc. (NASDAQ:CAN) gapped down before the market opened on Wednesday . The stock had previously closed at $2.97, but opened at $2.90. Canaan shares last traded at $2.88, with a volume of 1,944,210 shares.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on CAN shares. B. Riley began coverage on shares of Canaan in a research report on Wednesday, September 18th. They issued a “buy” rating and a $2.00 target price for the company. HC Wainwright reissued a “buy” rating and issued a $3.00 price objective on shares of Canaan in a report on Thursday, November 21st. Finally, Rosenblatt Securities lifted their price target on shares of Canaan from $3.00 to $4.00 and gave the company a “buy” rating in a research report on Friday, December 6th.

Canaan Price Performance

The firm has a market cap of $650.45 million, a price-to-earnings ratio of -1.71 and a beta of 3.24. The company has a current ratio of 2.03, a quick ratio of 1.45 and a debt-to-equity ratio of 0.08. The business’s 50-day simple moving average is $1.73 and its two-hundred day simple moving average is $1.26.

Institutional Trading of Canaan

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Personalized Indexing Management LLC purchased a new stake in Canaan during the second quarter worth about $34,000. XTX Topco Ltd purchased a new stake in shares of Canaan during the 2nd quarter worth approximately $79,000. Virtu Financial LLC lifted its stake in Canaan by 35.2% in the third quarter. Virtu Financial LLC now owns 103,394 shares of the company’s stock valued at $104,000 after purchasing an additional 26,920 shares during the last quarter. Farther Finance Advisors LLC lifted its stake in Canaan by 38.6% in the third quarter. Farther Finance Advisors LLC now owns 109,409 shares of the company’s stock valued at $111,000 after purchasing an additional 30,447 shares during the last quarter. Finally, Impact Partnership Wealth LLC increased its position in Canaan by 271.1% in the second quarter. Impact Partnership Wealth LLC now owns 125,990 shares of the company’s stock worth $126,000 after buying an additional 92,038 shares during the last quarter. 70.14% of the stock is owned by institutional investors.

Canaan Company Profile

Canaan Inc engages in the research, design, and sale of integrated circuit (IC) final mining equipment products by integrating IC products for bitcoin mining and related components in the People's Republic of China. It is also involved in the assembly and distribution of mining equipment and spare parts.