Canaan (NASDAQ:CAN) Trading Up 10.3% – Still a Buy?

Canaan Inc. (NASDAQ:CAN)’s share price rose 10.3% on Friday . The stock traded as high as $2.15 and last traded at $2.10. Approximately 4,450,890 shares changed hands during trading, a decline of 66% from the average daily volume of 13,139,834 shares. The stock had previously closed at $1.90.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. Rosenblatt Securities upped their price objective 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. HC Wainwright reaffirmed a “buy” rating and issued a $3.00 target price on shares of Canaan in a report on Thursday, November 21st.

Canaan Stock Up 5.8 %

The company has a market capitalization of $565.98 million, a PE ratio of -1.49 and a beta of 3.27. The stock’s fifty day moving average is $2.14 and its two-hundred day moving average is $1.41. The company has a current ratio of 2.03, a quick ratio of 1.45 and a debt-to-equity ratio of 0.08.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Commonwealth Equity Services LLC raised its holdings in shares of Canaan by 20.4% in the 2nd quarter. Commonwealth Equity Services LLC now owns 215,372 shares of the company’s stock worth $215,000 after purchasing an additional 36,422 shares during the period. Vanguard Personalized Indexing Management LLC bought a new stake in shares of Canaan in the second quarter valued at $34,000. XTX Topco Ltd bought a new stake in shares of Canaan in the second quarter valued at $79,000. Farther Finance Advisors LLC lifted its position in shares of Canaan by 38.6% during the 3rd quarter. Farther Finance Advisors LLC now owns 109,409 shares of the company’s stock valued at $111,000 after buying an additional 30,447 shares during the last quarter. Finally, OVERSEA CHINESE BANKING Corp Ltd bought a new position in shares of Canaan during the 3rd quarter worth $556,000. 70.14% of the stock is currently owned by hedge funds and other institutional investors.

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.