Canaan (NASDAQ:CAN) Shares Up 14.1% – What’s Next?

Shares of Canaan Inc. (NASDAQ:CAN) rose 14.1% during mid-day trading on Thursday . The company traded as high as $2.39 and last traded at $2.34. Approximately 8,154,875 shares were traded during trading, a decline of 35% from the average daily volume of 12,458,802 shares. The stock had previously closed at $2.05.

Analysts Set New Price Targets

A number of research firms have recently commented on CAN. HC Wainwright restated a “buy” rating and issued a $3.00 price objective on shares of Canaan in a report on Thursday, November 21st. B. Riley started coverage on shares of Canaan in a report on Wednesday, September 18th. They issued a “buy” rating and a $2.00 price target on the stock. Finally, Rosenblatt Securities increased their price objective on shares of Canaan from $3.00 to $4.00 and gave the stock a “buy” rating in a research report on Friday, December 6th.

Canaan Trading Up 10.2 %

The firm has a fifty day moving average of $1.95 and a 200 day moving average of $1.33. The firm has a market capitalization of $636.38 million, a PE ratio of -1.67 and a beta of 3.24. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.45 and a current ratio of 2.03.

Hedge Funds Weigh In On Canaan

A number of institutional investors have recently added to or reduced their stakes in CAN. OVERSEA CHINESE BANKING Corp Ltd acquired a new stake in Canaan in the third quarter valued at $556,000. Quadrature Capital Ltd lifted its holdings in Canaan by 329.4% in the third quarter. Quadrature Capital Ltd now owns 544,976 shares of the company’s stock worth $550,000 after acquiring an additional 418,052 shares during the last quarter. XTX Topco Ltd raised its position in shares of Canaan by 193.3% during the 3rd quarter. XTX Topco Ltd now owns 232,525 shares of the company’s stock worth $235,000 after purchasing an additional 153,255 shares during the period. Impact Partnership Wealth LLC lifted its holdings in shares of Canaan by 271.1% in the 2nd quarter. Impact Partnership Wealth LLC now owns 125,990 shares of the company’s stock worth $126,000 after purchasing an additional 92,038 shares during the last quarter. Finally, Old Port Advisors acquired a new position in Canaan during the 4th quarter valued at approximately $100,000. Institutional investors and hedge funds own 70.14% of the company’s stock.

About Canaan

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.