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

Canaan Inc. (NASDAQ:CAN) shares 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 traded.

Analyst Ratings Changes

Several equities analysts have weighed in on the stock. HC Wainwright reaffirmed a “buy” rating and set a $3.00 price target on shares of Canaan in a report on Thursday, November 21st. B. Riley began coverage on Canaan in a report on Wednesday, September 18th. They set a “buy” rating and a $2.00 price target for the company. Finally, 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 research report on Friday, December 6th.

Canaan Stock Down 3.2 %

The company has a market cap of $605.40 million, a P/E ratio of -1.59 and a beta of 3.24. The company has a quick ratio of 1.45, a current ratio of 2.03 and a debt-to-equity ratio of 0.08. The business’s 50 day moving average is $1.91 and its 200 day moving average is $1.32.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Van ECK Associates Corp lifted its stake in Canaan by 55.4% during the 2nd quarter. Van ECK Associates Corp now owns 9,762,972 shares of the company’s stock valued at $9,761,000 after acquiring an additional 3,482,283 shares during the period. OVERSEA CHINESE BANKING Corp Ltd purchased a new position in shares of Canaan in the 3rd quarter valued at about $556,000. Quadrature Capital Ltd raised 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 buying an additional 418,052 shares during the period. XTX Topco Ltd raised its position in Canaan by 193.3% during the third quarter. XTX Topco Ltd now owns 232,525 shares of the company’s stock worth $235,000 after acquiring an additional 153,255 shares during the period. Finally, 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. 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.