Canaan (NASDAQ:CAN) Trading Down 7.5% – Time to Sell?

Canaan Inc. (NASDAQ:CAN)’s share price traded down 7.5% on Wednesday . The stock traded as low as $1.95 and last traded at $1.96. 3,960,773 shares changed hands during mid-day trading, a decline of 75% from the average session volume of 16,095,119 shares. The stock had previously closed at $2.12.

Analysts Set New Price Targets

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

Canaan Stock Down 8.0 %

The business’s 50 day simple moving average is $2.04 and its 200 day simple moving average is $1.37. The company has a market capitalization of $549.08 million, a PE ratio of -1.44 and a beta of 3.27. The company has a quick ratio of 1.45, a current ratio of 2.03 and a debt-to-equity ratio of 0.08.

Hedge Funds Weigh In On Canaan

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Personalized Indexing Management LLC purchased a new position in Canaan during the 2nd quarter valued at about $34,000. XTX Topco Ltd purchased a new position in Canaan during the second quarter valued at approximately $79,000. Old Port Advisors purchased a new position in Canaan during the fourth quarter valued at approximately $100,000. Virtu Financial LLC increased its stake in Canaan by 35.2% in the 3rd quarter. Virtu Financial LLC now owns 103,394 shares of the company’s stock valued at $104,000 after buying an additional 26,920 shares during the period. Finally, Farther Finance Advisors LLC lifted its position in 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 buying an additional 30,447 shares in the last quarter. Institutional investors and hedge funds own 70.14% of the company’s stock.

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.