Investors Purchase Large Volume of Canaan Call Options (NASDAQ:CAN)

Canaan Inc. (NASDAQ:CAN) was the target of unusually large options trading on Tuesday. Traders purchased 11,805 call options on the company. This represents an increase of approximately 84% compared to the average daily volume of 6,403 call options.

Institutional Trading of Canaan

Hedge funds have recently bought and sold shares of the stock. Exchange Traded Concepts LLC bought a new stake in Canaan during the fourth quarter valued at about $2,807,000. OVERSEA CHINESE BANKING Corp Ltd bought a new position in Canaan during the third quarter valued at $556,000. Quadrature Capital Ltd lifted its holdings in shares of Canaan by 329.4% in the 3rd quarter. Quadrature Capital Ltd now owns 544,976 shares of the company’s stock valued at $550,000 after acquiring an additional 418,052 shares during the last quarter. XTX Topco Ltd boosted its holdings in shares of Canaan by 193.3% in the 3rd quarter. XTX Topco Ltd now owns 232,525 shares of the company’s stock worth $235,000 after purchasing an additional 153,255 shares during the period. Finally, Old Port Advisors purchased a new position in Canaan during the fourth quarter worth $100,000. Institutional investors own 70.14% of the company’s stock.

Analysts Set New Price Targets

CAN has been the subject of a number of analyst reports. Rosenblatt Securities raised their target price on shares of Canaan from $3.00 to $4.00 and gave the company a “buy” rating in a research note on Friday, December 6th. HC Wainwright restated a “buy” rating and set a $3.00 target price on shares of Canaan in a research note on Wednesday.

Canaan Stock Performance

Shares of NASDAQ CAN opened at $2.18 on Thursday. The company has a current ratio of 2.03, a quick ratio of 1.45 and a debt-to-equity ratio of 0.08. The firm has a market capitalization of $613.85 million, a price-to-earnings ratio of -1.61 and a beta of 3.27. Canaan has a 12-month low of $0.72 and a 12-month high of $3.27. The firm has a 50 day moving average of $2.16 and a 200 day moving average of $1.44.

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.