Canaan (NASDAQ:CAN) Shares Gap Down – Should You Sell?

Shares of Canaan Inc. (NASDAQ:CAN) gapped down before the market opened on Tuesday . The stock had previously closed at $2.34, but opened at $2.29. Canaan shares last traded at $2.24, with a volume of 2,210,758 shares traded.

Wall Street Analyst Weigh In

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

Canaan Stock Down 9.0 %

The company has a debt-to-equity ratio of 0.08, a current ratio of 2.03 and a quick ratio of 1.45. The stock has a market capitalization of $599.77 million, a P/E ratio of -1.58 and a beta of 3.27. The stock’s fifty day moving average is $2.02 and its two-hundred day moving average is $1.36.

Institutional Trading of Canaan

A number of hedge funds have recently bought and sold shares of the company. Quadrature Capital Ltd grew its position in 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. OVERSEA CHINESE BANKING Corp Ltd acquired a new position in Canaan during the third quarter valued at $556,000. State Street Corp lifted its stake in 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 acquiring an additional 23,759 shares in the last quarter. Commonwealth Equity Services LLC grew its stake in Canaan by 20.4% during the 2nd quarter. Commonwealth Equity Services LLC now owns 215,372 shares of the company’s stock valued at $215,000 after acquiring an additional 36,422 shares in the last quarter. Finally, Farther Finance Advisors LLC boosted its holdings in shares of Canaan by 38.6% during the third 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 period. 70.14% of the stock is 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.