Canaan (NASDAQ:CAN) Shares Gap Down – Time to Sell?

Canaan Inc. (NASDAQ:CAN) shares gapped down prior to trading on Thursday . The stock had previously closed at $2.18, but opened at $2.11. Canaan shares last traded at $2.15, with a volume of 2,464,080 shares traded.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the stock. Rosenblatt Securities upped their price target 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. HC Wainwright reissued a “buy” rating and set a $3.00 target price on shares of Canaan in a report on Wednesday.

Canaan Trading Down 1.6 %

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 stock has a 50-day moving average price of $2.16 and a 200-day moving average price of $1.44. The stock has a market cap of $603.99 million, a P/E ratio of -1.60 and a beta of 3.27.

Hedge Funds Weigh In On Canaan

Several institutional investors have recently modified their holdings of CAN. Commonwealth Equity Services LLC lifted its position in Canaan by 20.4% in the second quarter. Commonwealth Equity Services LLC now owns 215,372 shares of the company’s stock valued at $215,000 after purchasing an additional 36,422 shares during the last quarter. Vanguard Personalized Indexing Management LLC purchased a new position in shares of Canaan in the second quarter worth $34,000. XTX Topco Ltd bought a new stake in Canaan during the 2nd quarter valued at $79,000. Farther Finance Advisors LLC raised its holdings in Canaan by 38.6% during 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 last quarter. Finally, OVERSEA CHINESE BANKING Corp Ltd purchased a new stake in Canaan during the 3rd quarter valued at $556,000. 70.14% of the stock is currently 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.