Canaan (NASDAQ:CAN) Shares Gap Up – Time to Buy?

Canaan Inc. (NASDAQ:CAN) gapped up before the market opened on Tuesday . The stock had previously closed at $2.06, but opened at $2.19. Canaan shares last traded at $2.28, with a volume of 6,541,507 shares changing hands.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the company. B. Riley assumed coverage on Canaan in a research report on Wednesday, September 18th. They issued a “buy” rating and a $2.00 target price for the company. HC Wainwright restated a “buy” rating and issued a $3.00 price objective on shares of Canaan in a research note on Thursday, November 21st. Finally, Rosenblatt Securities increased their target price 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 Stock Performance

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 company has a market capitalization of $633.56 million, a P/E ratio of -1.67 and a beta of 3.24. The business has a 50 day moving average of $1.83 and a 200-day moving average of $1.30.

Hedge Funds Weigh In On Canaan

Hedge funds have recently bought and sold shares of the company. Quadrature Capital Ltd increased its holdings in shares of 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 purchasing an additional 418,052 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. Van ECK Associates Corp grew 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 purchasing an additional 3,482,283 shares in the last quarter. Commonwealth Equity Services LLC raised its stake in Canaan by 20.4% in the second quarter. Commonwealth Equity Services LLC now owns 215,372 shares of the company’s stock valued at $215,000 after purchasing an additional 36,422 shares in the last quarter. Finally, Farther Finance Advisors LLC lifted its position in Canaan by 38.6% during the third 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. Hedge funds and other 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.