Canaan (NASDAQ:CAN) Shares Gap Up – Here’s What Happened

Canaan Inc. (NASDAQ:CAN)’s share price gapped up prior to trading on Tuesday . The stock had previously closed at $2.22, but opened at $2.29. Canaan shares last traded at $2.22, with a volume of 2,858,737 shares changing hands.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on CAN shares. Rosenblatt Securities boosted 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. HC Wainwright reissued a “buy” rating and set a $3.00 price objective on shares of Canaan in a report on Thursday, November 21st. Finally, B. Riley began coverage on shares of Canaan in a report on Wednesday, September 18th. They issued a “buy” rating and a $2.00 target price for the company.

Canaan Price Performance

The company has a market cap of $577.24 million, a price-to-earnings ratio of -1.52 and a beta of 3.24. The company has a fifty day simple moving average of $1.95 and a two-hundred day simple moving average of $1.33. The company has a quick ratio of 1.45, a current ratio of 2.03 and a debt-to-equity ratio of 0.08.

Institutional Investors Weigh In On Canaan

Institutional investors and hedge funds have recently made changes to their positions in the business. OVERSEA CHINESE BANKING Corp Ltd acquired a new position in Canaan during the third quarter worth about $556,000. Quadrature Capital Ltd increased its stake in shares of Canaan by 329.4% during the 3rd quarter. Quadrature Capital Ltd now owns 544,976 shares of the company’s stock worth $550,000 after purchasing an additional 418,052 shares in the last quarter. XTX Topco Ltd raised its position in shares of Canaan by 193.3% during 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 last quarter. Impact Partnership Wealth LLC lifted its stake in Canaan by 271.1% in the 2nd quarter. Impact Partnership Wealth LLC now owns 125,990 shares of the company’s stock valued at $126,000 after buying an additional 92,038 shares in the last quarter. Finally, Prime Capital Investment Advisors LLC grew its holdings in Canaan by 4.9% during the 3rd quarter. Prime Capital Investment Advisors LLC now owns 914,385 shares of the company’s stock valued at $924,000 after buying an additional 42,774 shares during the last quarter. 70.14% of the stock is currently owned by hedge funds and other institutional investors.

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.