Traders Buy Large Volume of Canaan Call Options (NASDAQ:CAN)

Canaan Inc. (NASDAQ:CAN) was the recipient of unusually large options trading on Wednesday. Stock investors purchased 4,822 call options on the stock. This is an increase of approximately 56% compared to the typical volume of 3,089 call options.

Canaan Stock Up 8.1 %

Shares of Canaan stock opened at $1.81 on Friday. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.75 and a current ratio of 2.88. Canaan has a 52-week low of $0.72 and a 52-week high of $3.50. The company’s 50 day moving average price is $1.17 and its 200-day moving average price is $1.06. The stock has a market capitalization of $545.76 million, a price-to-earnings ratio of -1.16 and a beta of 3.06.

Institutional Investors Weigh In On Canaan

Large investors have recently added to or reduced their stakes in the company. Vanguard Personalized Indexing Management LLC bought a new stake in Canaan in the second quarter valued at $34,000. XTX Topco Ltd bought a new stake in shares of Canaan during the 2nd quarter valued at about $79,000. Virtu Financial LLC increased its position in shares of Canaan by 35.2% during the third 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. Farther Finance Advisors LLC raised its stake in Canaan by 38.6% in the third 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. Finally, Impact Partnership Wealth LLC lifted its holdings in Canaan by 271.1% in the second quarter. Impact Partnership Wealth LLC now owns 125,990 shares of the company’s stock worth $126,000 after buying an additional 92,038 shares during the period. Institutional investors own 70.14% of the company’s stock.

Wall Street Analyst Weigh In

CAN has been the topic of several recent research reports. B. Riley assumed coverage on Canaan in a research report on Wednesday, September 18th. They set a “buy” rating and a $2.00 price objective on the stock. HC Wainwright reiterated a “buy” rating and set a $3.00 price target on shares of Canaan in a research report on Thursday. Nomura Securities upgraded shares of Canaan to a “hold” rating in a research report on Monday, August 19th. Finally, Rosenblatt Securities started coverage on shares of Canaan in a research report on Wednesday, September 11th. They set a “buy” rating and a $3.00 price target for the company. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $3.38.

About Canaan

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.