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

Shares of Canaan Inc. (NASDAQ:CAN) gapped up prior to trading on Wednesday . The stock had previously closed at $2.53, but opened at $2.71. Canaan shares last traded at $2.49, with a volume of 3,192,151 shares changing hands.

Analysts Set New Price Targets

CAN has been the topic of several recent research reports. Nomura Securities upgraded Canaan to a “hold” rating in a research report on Monday, August 19th. HC Wainwright reaffirmed a “buy” rating and issued a $3.00 price target on shares of Canaan in a research note on Thursday, November 21st. Rosenblatt Securities lifted their price objective 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, 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 price objective for the company.

Canaan Stock Performance

The business has a 50-day simple moving average of $1.55 and a two-hundred day simple moving average of $1.20. The company has a current ratio of 2.03, a quick ratio of 1.45 and a debt-to-equity ratio of 0.08.

Hedge Funds Weigh In On Canaan

Several institutional investors and hedge funds have recently modified their holdings of CAN. Van ECK Associates Corp increased its holdings in shares of Canaan by 55.4% during the second quarter. Van ECK Associates Corp now owns 9,762,972 shares of the company’s stock worth $9,761,000 after buying an additional 3,482,283 shares in the last quarter. State Street Corp increased its position in Canaan by 0.3% during the 3rd quarter. State Street Corp now owns 9,111,069 shares of the company’s stock valued at $9,202,000 after purchasing an additional 23,759 shares during the period. Prime Capital Investment Advisors LLC lifted its holdings in Canaan by 4.9% in the third quarter. Prime Capital Investment Advisors LLC now owns 914,385 shares of the company’s stock valued at $924,000 after buying an additional 42,774 shares during the period. OVERSEA CHINESE BANKING Corp Ltd bought a new stake in shares of Canaan during the 3rd quarter valued at about $556,000. Finally, Quadrature Capital Ltd boosted its holdings in shares of Canaan by 329.4% during the 3rd quarter. Quadrature Capital Ltd now owns 544,976 shares of the company’s stock worth $550,000 after buying an additional 418,052 shares in the last quarter. 70.14% of the stock is currently owned by institutional investors and hedge funds.

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.