Canaan (NASDAQ:CAN) Trading 14.1% Higher – Time to Buy?

Shares of Canaan Inc. (NASDAQ:CAN) traded up 14.1% during trading on Thursday . The company traded as high as $2.39 and last traded at $2.34. 8,154,875 shares traded hands during mid-day trading, a decline of 35% from the average session volume of 12,458,802 shares. The stock had previously closed at $2.05.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the company. B. Riley began coverage on Canaan in a research note on Wednesday, September 18th. They issued a “buy” rating and a $2.00 target price on the stock. HC Wainwright restated a “buy” rating and issued a $3.00 price objective on shares of Canaan in a research report on Thursday, November 21st. Finally, Rosenblatt Securities lifted their target price on shares of Canaan from $3.00 to $4.00 and gave the company a “buy” rating in a research report on Friday, December 6th.

Canaan Trading Up 4.5 %

The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.45 and a current ratio of 2.03. The stock has a market capitalization of $653.27 million, a P/E ratio of -1.72 and a beta of 3.24. The stock has a 50-day moving average price of $2.00 and a two-hundred day moving average price of $1.35.

Institutional Investors Weigh In On Canaan

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Personalized Indexing Management LLC bought a new position in shares of Canaan during the second quarter valued at approximately $34,000. XTX Topco Ltd bought a new stake in shares of Canaan in the 2nd quarter worth approximately $79,000. Old Port Advisors purchased a new stake in shares of Canaan in the 4th quarter worth approximately $100,000. Virtu Financial LLC increased its position in Canaan by 35.2% during the 3rd 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 in the last quarter. Finally, Farther Finance Advisors LLC boosted its holdings in Canaan by 38.6% in the third quarter. Farther Finance Advisors LLC now owns 109,409 shares of the company’s stock worth $111,000 after acquiring an additional 30,447 shares in the last quarter. 70.14% of the stock is owned by hedge funds and other institutional investors.

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.