Canaan (NASDAQ:CAN) Shares Gap Down – Here’s Why

Canaan Inc. (NASDAQ:CANGet Free Report) shares gapped down before the market opened on Monday . The stock had previously closed at $2.23, but opened at $2.11. Canaan shares last traded at $2.07, with a volume of 3,863,290 shares.

Wall Street Analyst Weigh In

CAN has been the topic of a number of recent research reports. Rosenblatt Securities raised their price objective on shares of Canaan from $3.00 to $4.00 and gave the company a “buy” rating in a research note on Friday, December 6th. B. Riley initiated 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 reissued a “buy” rating and issued a $3.00 price objective on shares of Canaan in a report on Thursday, November 21st.

Read Our Latest Analysis on CAN

Canaan Price Performance

The firm has a market cap of $602.59 million, a price-to-earnings ratio of -1.59 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. The company’s 50-day moving average is $1.88 and its 200-day moving average is $1.31.

Institutional Trading of Canaan

Large investors have recently bought and sold shares of the business. Vanguard Personalized Indexing Management LLC bought a new stake in shares of Canaan during the second quarter worth $34,000. XTX Topco Ltd acquired a new stake in shares of Canaan during the 2nd quarter valued at $79,000. Virtu Financial LLC grew its position in Canaan by 35.2% during the 3rd quarter. Virtu Financial LLC now owns 103,394 shares of the company’s stock worth $104,000 after acquiring an additional 26,920 shares during the last quarter. Farther Finance Advisors LLC increased its holdings 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 purchasing an additional 30,447 shares in the last quarter. Finally, Impact Partnership Wealth LLC raised its position in Canaan by 271.1% in the second 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 and hedge funds.

About Canaan

(Get Free Report)

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.

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