Canaan (NASDAQ:CAN) Trading Down 7.5% – Time to Sell?

Canaan Inc. (NASDAQ:CAN)’s share price was down 7.5% on Wednesday . The stock traded as low as $1.95 and last traded at $1.96. Approximately 3,960,773 shares changed hands during trading, a decline of 75% from the average daily volume of 16,095,119 shares. The stock had previously closed at $2.12.

Analyst Ratings Changes

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

Canaan Price Performance

The company has a market capitalization of $546.27 million, a P/E ratio of -1.44 and a beta of 3.27. The company has a fifty day moving average price of $2.07 and a 200 day moving average price of $1.37. The company has a debt-to-equity ratio of 0.08, a current ratio of 2.03 and a quick ratio of 1.45.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Vanguard Personalized Indexing Management LLC purchased a new position in Canaan in the 2nd quarter worth about $34,000. XTX Topco Ltd purchased a new position in shares of Canaan in the second quarter worth approximately $79,000. Old Port Advisors acquired a new stake in shares of Canaan during the fourth quarter valued at approximately $100,000. Virtu Financial LLC boosted its stake in Canaan by 35.2% in the 3rd quarter. Virtu Financial LLC now owns 103,394 shares of the company’s stock worth $104,000 after purchasing an additional 26,920 shares during the period. Finally, Farther Finance Advisors LLC grew its position in Canaan by 38.6% during the 3rd quarter. Farther Finance Advisors LLC now owns 109,409 shares of the company’s stock worth $111,000 after purchasing an additional 30,447 shares in the last quarter. Institutional investors own 70.14% of the company’s stock.

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.