Canaan (NASDAQ:CAN) Shares Gap Up – Still a Buy?

Canaan Inc. (NASDAQ:CAN) shares gapped up prior to trading on Thursday . The stock had previously closed at $1.67, but opened at $1.79. Canaan shares last traded at $1.73, with a volume of 4,403,665 shares changing hands.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the stock. Rosenblatt Securities assumed coverage on shares of Canaan in a research note on Wednesday, September 11th. They issued a “buy” rating and a $3.00 price target on the stock. B. Riley started coverage on shares of Canaan in a research note on Wednesday, September 18th. They issued a “buy” rating and a $2.00 price target on the stock. Nomura Securities raised shares of Canaan to a “hold” rating in a report on Monday, August 19th. Finally, HC Wainwright reissued a “buy” rating and issued a $3.00 price objective on shares of Canaan in a report on Thursday. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $3.38.

Canaan Stock Up 8.2 %

The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.75 and a current ratio of 2.88. The stock has a market cap of $595.65 million, a P/E ratio of -1.27 and a beta of 3.06. The stock’s fifty day simple moving average is $1.19 and its 200-day simple moving average is $1.07.

Institutional Trading of Canaan

A number of institutional investors and hedge funds have recently made changes to their positions in the company. State Street Corp lifted its holdings in shares of Canaan by 0.3% during the 3rd quarter. State Street Corp now owns 9,111,069 shares of the company’s stock worth $9,202,000 after acquiring an additional 23,759 shares during the period. Virtu Financial LLC lifted its stake in Canaan by 35.2% in the 3rd 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 3rd 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. Vanguard Personalized Indexing Management LLC bought a new position in Canaan in the 2nd quarter valued at approximately $34,000. Finally, SRN Advisors LLC lifted its stake in Canaan by 4.9% in the 1st quarter. SRN Advisors LLC now owns 739,303 shares of the company’s stock valued at $1,124,000 after purchasing an additional 34,382 shares during 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.