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

Canaan Inc. (NASDAQ:CAN)’s share price gapped down before the market opened on Tuesday . The stock had previously closed at $2.34, but opened at $2.29. Canaan shares last traded at $2.24, with a volume of 2,210,758 shares changing hands.

Wall Street Analysts Forecast Growth

CAN has been the topic of several research reports. HC Wainwright reaffirmed a “buy” rating and issued a $3.00 target price on shares of Canaan in a report on Thursday, November 21st. B. Riley started coverage on Canaan in a report on Wednesday, September 18th. They set a “buy” rating and a $2.00 price objective on the stock. Finally, Rosenblatt Securities raised their target price on shares of Canaan from $3.00 to $4.00 and gave the company a “buy” rating in a report on Friday, December 6th.

Canaan Stock Down 9.0 %

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 company has a 50 day simple moving average of $2.05 and a two-hundred day simple moving average of $1.37. The company has a market capitalization of $543.45 million, a P/E ratio of -1.43 and a beta of 3.27.

Institutional Investors Weigh In On Canaan

Hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Personalized Indexing Management LLC purchased a new stake in Canaan in the second quarter worth $34,000. XTX Topco Ltd purchased a new position in Canaan in the 2nd quarter worth about $79,000. Old Port Advisors bought a new stake in Canaan during the 4th quarter valued at about $100,000. Virtu Financial LLC grew its stake in Canaan by 35.2% in the third quarter. Virtu Financial LLC now owns 103,394 shares of the company’s stock worth $104,000 after purchasing an additional 26,920 shares in the last quarter. Finally, Farther Finance Advisors LLC grew its position in shares of Canaan by 38.6% during the 3rd 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. Hedge funds and other institutional investors own 70.14% of the company’s stock.

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.