Canaan (NASDAQ:CAN) Sees Large Volume Increase – Here’s What Happened

Canaan Inc. (NASDAQ:CAN) shares saw unusually-high trading volume on Wednesday . Approximately 10,842,370 shares were traded during trading, a decline of 2% from the previous session’s volume of 11,009,755 shares.The stock last traded at $1.79 and had previously closed at $1.59.

Analyst Ratings Changes

A number of research firms have issued reports on CAN. HC Wainwright reaffirmed a “buy” rating and issued a $3.00 target price on shares of Canaan in a report on Thursday. B. Riley assumed coverage on shares of Canaan in a research note on Wednesday, September 18th. They issued a “buy” rating and a $2.00 price objective on the stock. Nomura Securities upgraded shares of Canaan to a “hold” rating in a research note on Monday, August 19th. Finally, Rosenblatt Securities started coverage on shares of Canaan in a report on Wednesday, September 11th. They issued a “buy” rating and a $3.00 price target for the company. One analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $3.38.

Canaan Trading Up 8.1 %

The business has a 50-day moving average price of $1.17 and a 200-day moving average price of $1.06. The company has a quick ratio of 1.75, a current ratio of 2.88 and a debt-to-equity ratio of 0.06. The firm has a market capitalization of $545.76 million, a P/E ratio of -1.16 and a beta of 3.06.

Hedge Funds Weigh In On Canaan

Hedge funds have recently made changes to their positions in the business. Virtu Financial LLC grew its stake in shares of 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 purchasing an additional 26,920 shares during the period. XTX Topco Ltd boosted its stake in Canaan by 193.3% in the 3rd quarter. XTX Topco Ltd now owns 232,525 shares of the company’s stock valued at $235,000 after buying an additional 153,255 shares in the last quarter. State Street Corp boosted its stake in 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 buying an additional 23,759 shares in the last quarter. Quadrature Capital Ltd grew its position in Canaan by 329.4% in the third quarter. Quadrature Capital Ltd now owns 544,976 shares of the company’s stock valued at $550,000 after acquiring an additional 418,052 shares during the period. Finally, Prime Capital Investment Advisors LLC raised its stake in Canaan by 4.9% during the third quarter. Prime Capital Investment Advisors LLC now owns 914,385 shares of the company’s stock worth $924,000 after acquiring an additional 42,774 shares in the last quarter. Institutional investors and hedge funds 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.