Canaan (NASDAQ:CAN) Stock Price Up 7.1% Following Analyst Upgrade

Canaan Inc. (NASDAQ:CAN) shares were up 7.1% on Friday after Rosenblatt Securities raised their price target on the stock from $3.00 to $4.00. Rosenblatt Securities currently has a buy rating on the stock. Canaan traded as high as $2.48 and last traded at $2.41. Approximately 5,628,586 shares changed hands during trading, a decline of 52% from the average daily volume of 11,655,906 shares. The stock had previously closed at $2.25.

A number of other research analysts have also recently weighed in on CAN. HC Wainwright restated a “buy” rating and set a $3.00 target price on shares of Canaan in a research note on Thursday, November 21st. Nomura Securities upgraded shares of Canaan to a “hold” rating in a research note on Monday, August 19th. Finally, B. Riley began coverage on shares of Canaan in a research note on Wednesday, September 18th. They set a “buy” rating and a $2.00 target price on the stock.

Institutional Trading of Canaan

Several hedge funds have recently bought and sold shares of CAN. Vanguard Personalized Indexing Management LLC purchased a new stake in Canaan in the 2nd quarter worth $34,000. XTX Topco Ltd bought a new stake in shares of Canaan in the 2nd quarter worth about $79,000. Virtu Financial LLC increased its holdings in shares of 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 buying an additional 26,920 shares during the last quarter. Farther Finance Advisors LLC increased its holdings in shares of Canaan by 38.6% in the 3rd quarter. Farther Finance Advisors LLC now owns 109,409 shares of the company’s stock worth $111,000 after buying an additional 30,447 shares during the last quarter. Finally, Impact Partnership Wealth LLC increased 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 buying an additional 92,038 shares during the last quarter. Hedge funds and other institutional investors own 70.14% of the company’s stock.

Canaan Stock Performance

The business’s fifty day moving average price is $1.38 and its two-hundred day moving average price is $1.14. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.45 and a current ratio of 2.03. The stock has a market capitalization of $856.01 million, a P/E ratio of -1.79 and a beta of 3.24.

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.