Canaan (NASDAQ:CAN) Stock Price Down 4.9% – Here’s Why

Canaan Inc. (NASDAQ:CAN)’s stock price fell 4.9% during trading on Tuesday . The stock traded as low as $2.87 and last traded at $2.94. 12,029,761 shares traded hands during mid-day trading, a decline of 1% from the average session volume of 12,203,361 shares. The stock had previously closed at $3.09.

Analysts Set New Price Targets

CAN has been the subject of a number of analyst reports. HC Wainwright restated a “buy” rating and issued a $3.00 price target on shares of Canaan in a report on Thursday, November 21st. Rosenblatt Securities boosted their price target on Canaan from $3.00 to $4.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. Finally, B. Riley initiated coverage on Canaan in a report on Wednesday, September 18th. They issued a “buy” rating and a $2.00 price target for the company.

Canaan Price Performance

The business’s 50 day simple moving average is $1.73 and its 200-day simple moving average is $1.26. The stock has a market capitalization of $650.45 million, a price-to-earnings ratio of -1.71 and a beta of 3.24. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.45 and a current ratio of 2.03.

Institutional Trading of Canaan

A number of institutional investors have recently made changes to their positions in the stock. Virtu Financial LLC lifted its holdings in shares of 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 buying an additional 26,920 shares during the period. XTX Topco Ltd raised its position in Canaan by 193.3% in the third quarter. XTX Topco Ltd now owns 232,525 shares of the company’s stock worth $235,000 after acquiring an additional 153,255 shares in the last quarter. State Street Corp lifted its holdings 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 acquiring an additional 23,759 shares during the last quarter. Quadrature Capital Ltd lifted its holdings in Canaan by 329.4% in the 3rd 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 last quarter. Finally, Prime Capital Investment Advisors LLC boosted its position in shares of Canaan by 4.9% during the 3rd quarter. Prime Capital Investment Advisors LLC now owns 914,385 shares of the company’s stock valued at $924,000 after purchasing an additional 42,774 shares in the last quarter. 70.14% of the stock is owned by institutional investors and hedge funds.

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.