Canaan (NASDAQ:CAN) Shares Gap Down – What’s Next?

Canaan Inc. (NASDAQ:CAN) gapped down before the market opened on Tuesday . The stock had previously closed at $2.08, but opened at $1.91. Canaan shares last traded at $1.93, with a volume of 3,445,312 shares trading hands.

Analysts Set New Price Targets

Several analysts have commented on the stock. Rosenblatt Securities assumed coverage on shares of Canaan in a research note on Wednesday, September 11th. They issued a “buy” rating and a $3.00 target price for the company. HC Wainwright reiterated a “buy” rating and issued a $3.00 target price on shares of Canaan in a research note on Thursday, November 21st. Nomura Securities upgraded shares of Canaan to a “hold” rating in a research note on Monday, August 19th. Finally, 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 target price for the company. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $3.38.

Canaan Stock Performance

The company has a market cap of $562.06 million, a PE ratio of -1.38 and a beta of 3.06. The firm’s fifty day moving average is $1.21 and its 200 day moving average is $1.08. The company has a current ratio of 2.03, a quick ratio of 1.45 and a debt-to-equity ratio of 0.08.

Institutional Investors Weigh In On Canaan

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Virtu Financial LLC grew its holdings in shares of Canaan by 35.2% during the third quarter. Virtu Financial LLC now owns 103,394 shares of the company’s stock worth $104,000 after buying an additional 26,920 shares in the last quarter. XTX Topco Ltd grew its holdings in shares of Canaan by 193.3% during the third quarter. XTX Topco Ltd now owns 232,525 shares of the company’s stock worth $235,000 after buying an additional 153,255 shares in the last quarter. State Street Corp grew its holdings in shares of Canaan by 0.3% during the third quarter. State Street Corp now owns 9,111,069 shares of the company’s stock worth $9,202,000 after buying an additional 23,759 shares in the last quarter. Quadrature Capital Ltd grew its holdings in shares of Canaan by 329.4% during the third quarter. Quadrature Capital Ltd now owns 544,976 shares of the company’s stock worth $550,000 after buying an additional 418,052 shares in the last quarter. Finally, Prime Capital Investment Advisors LLC grew its holdings in shares of 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 buying an additional 42,774 shares in the last quarter. Hedge funds and other institutional investors own 70.14% of the company’s stock.

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.