Canaan (NASDAQ:CAN) Trading Up 7.1% After Analyst Upgrade

Shares of Canaan Inc. (NASDAQ:CAN) rose 7.1% on Friday after Rosenblatt Securities raised their price target on the stock from $3.00 to $4.00. Rosenblatt Securities currently has a buy rating on the stock. Canaan traded as high as $2.48 and last traded at $2.41. Approximately 5,628,586 shares changed hands during trading, a decline of 52% from the average daily volume of 11,655,906 shares. The stock had previously closed at $2.25.

Several other equities research analysts have also recently weighed in on CAN. Nomura Securities upgraded Canaan to a “hold” rating in a research note on Monday, August 19th. B. Riley initiated coverage on shares of Canaan in a research report on Wednesday, September 18th. They set a “buy” rating and a $2.00 price objective for the company. Finally, HC Wainwright restated a “buy” rating and issued a $3.00 target price on shares of Canaan in a report on Thursday, November 21st.

Institutional Trading of Canaan

A number of large investors have recently bought and sold shares of CAN. State Street Corp grew its stake in shares of Canaan by 0.3% in the 3rd quarter. State Street Corp now owns 9,111,069 shares of the company’s stock valued at $9,202,000 after purchasing an additional 23,759 shares during the last quarter. Virtu Financial LLC grew its position 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 last quarter. Farther Finance Advisors LLC increased 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 buying an additional 30,447 shares during the period. Vanguard Personalized Indexing Management LLC acquired a new position in Canaan in the 2nd quarter valued at $34,000. Finally, Commonwealth Equity Services LLC lifted its stake in shares of Canaan by 20.4% in the 2nd quarter. Commonwealth Equity Services LLC now owns 215,372 shares of the company’s stock worth $215,000 after acquiring an additional 36,422 shares during the period. Institutional investors and hedge funds own 70.14% of the company’s stock.

Canaan Trading Up 35.1 %

The company’s fifty day moving average price is $1.42 and its two-hundred day moving average price is $1.15. 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 firm has a market cap of $856.00 million, a PE ratio of -2.25 and a beta of 3.24.

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.