Canaan (NASDAQ:CAN) Shares Gap Up – Still a Buy?

Canaan Inc. (NASDAQ:CAN) gapped up before the market opened on Wednesday . The stock had previously closed at $1.80, but opened at $1.88. Canaan shares last traded at $1.87, with a volume of 5,562,953 shares changing hands.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the company. Rosenblatt Securities initiated coverage on Canaan in a report on Wednesday, September 11th. They issued a “buy” rating and a $3.00 target price for the company. 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, HC Wainwright reissued a “buy” rating and set a $3.00 price objective on shares of Canaan in a report on Thursday, November 21st. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $3.38.

Canaan Stock Performance

The business’s 50-day simple moving average is $1.21 and its 200-day simple 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

A number of institutional investors have recently made changes to their positions in CAN. State Street Corp grew its position in Canaan by 0.3% in the third 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 in the last quarter. 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 valued at $104,000 after purchasing an additional 26,920 shares in the last quarter. Farther Finance Advisors LLC raised its stake 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 purchasing an additional 30,447 shares in the last quarter. Vanguard Personalized Indexing Management LLC bought a new stake in shares of Canaan during the 2nd quarter worth approximately $34,000. Finally, SRN Advisors LLC boosted its holdings in shares of Canaan by 4.9% in the 1st quarter. SRN Advisors LLC now owns 739,303 shares of the company’s stock valued at $1,124,000 after buying an additional 34,382 shares during the last quarter. 70.14% of the stock is owned by institutional investors and hedge funds.

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.