Canaan (NASDAQ:CAN) Stock Price Down 8.6% – What’s Next?

Canaan Inc. (NASDAQ:CAN)’s share price traded down 8.6% during mid-day trading on Monday . The company traded as low as $2.11 and last traded at $2.12. 4,484,220 shares were traded during mid-day trading, a decline of 64% from the average session volume of 12,324,560 shares. The stock had previously closed at $2.32.

Analyst Upgrades and Downgrades

Several research analysts have commented on CAN shares. B. Riley began coverage on shares of Canaan in a report on Wednesday, September 18th. They issued a “buy” rating and a $2.00 price target for the company. HC Wainwright reissued a “buy” rating and issued a $3.00 price target on shares of Canaan in a report on Thursday, November 21st. Finally, Rosenblatt Securities lifted their price objective on shares of Canaan from $3.00 to $4.00 and gave the stock a “buy” rating in a report on Friday, December 6th.

Canaan Stock Performance

The business’s fifty day simple moving average is $1.80 and its 200-day simple moving average is $1.29. The firm has a market cap of $633.56 million, a P/E ratio of -1.67 and a beta of 3.24. 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 Trading of Canaan

Several large investors have recently added to or reduced their stakes in the stock. State Street Corp grew its position in shares of Canaan by 0.3% in the 3rd quarter. State Street Corp now owns 9,111,069 shares of the company’s stock worth $9,202,000 after buying an additional 23,759 shares during the period. Virtu Financial LLC increased its holdings in shares of Canaan by 35.2% during the third quarter. Virtu Financial LLC now owns 103,394 shares of the company’s stock valued at $104,000 after acquiring an additional 26,920 shares in the last quarter. Farther Finance Advisors LLC raised its position 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 purchasing an additional 30,447 shares during the last quarter. Vanguard Personalized Indexing Management LLC purchased a new position in shares of Canaan in the 2nd quarter worth about $34,000. Finally, Commonwealth Equity Services LLC boosted its stake in 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 in the last quarter. Institutional investors own 70.14% of the company’s stock.

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.