Canaan (NASDAQ:CAN) Shares Gap Up – Still a Buy?

Canaan Inc. (NASDAQ:CAN)’s share price gapped up prior to trading on Tuesday . The stock had previously closed at $2.06, but opened at $2.19. Canaan shares last traded at $2.28, with a volume of 6,541,507 shares changing hands.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the stock. Rosenblatt Securities lifted 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. HC Wainwright reiterated a “buy” rating and set a $3.00 price target on shares of Canaan in a research note on Thursday, November 21st. Finally, B. Riley began coverage on Canaan in a research note on Wednesday, September 18th. They issued a “buy” rating and a $2.00 price objective for the company.

Canaan Stock Performance

The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.45 and a current ratio of 2.03. The company’s 50 day moving average price is $1.83 and its 200-day moving average price is $1.30. The stock has a market cap of $633.56 million, a P/E ratio of -1.67 and a beta of 3.24.

Institutional Investors Weigh In On Canaan

A number of institutional investors have recently added to or reduced their stakes in the company. Vanguard Personalized Indexing Management LLC purchased a new position in shares of Canaan in the 2nd quarter worth approximately $34,000. XTX Topco Ltd purchased a new position in Canaan in the second quarter worth $79,000. Virtu Financial LLC boosted its position in Canaan by 35.2% in the third quarter. Virtu Financial LLC now owns 103,394 shares of the company’s stock worth $104,000 after purchasing an additional 26,920 shares during the last quarter. Farther Finance Advisors LLC grew its stake in Canaan by 38.6% in the 3rd quarter. Farther Finance Advisors LLC now owns 109,409 shares of the company’s stock valued at $111,000 after purchasing an additional 30,447 shares during the period. Finally, Impact Partnership Wealth LLC increased its position in shares of Canaan by 271.1% during the 2nd quarter. Impact Partnership Wealth LLC now owns 125,990 shares of the company’s stock valued at $126,000 after purchasing an additional 92,038 shares during the last quarter. 70.14% of the stock is owned by 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.