Canaan (NASDAQ:CAN) Trading Down 4.6% – Time to Sell?

Canaan Inc. (NASDAQ:CAN)’s share price dropped 4.6% on Tuesday . The company traded as low as $1.90 and last traded at $1.96. Approximately 2,843,827 shares changed hands during mid-day trading, a decline of 84% from the average daily volume of 17,314,010 shares. The stock had previously closed at $2.05.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the company. Rosenblatt Securities lifted their price target on Canaan from $3.00 to $4.00 and gave the company a “buy” rating in a research note on Friday, December 6th. HC Wainwright reissued a “buy” rating and issued a $3.00 price target on shares of Canaan in a research note on Wednesday, January 22nd.

Canaan Trading Down 9.0 %

The company has a 50 day simple moving average of $2.20 and a 200 day simple moving average of $1.46. The company has a market capitalization of $525.15 million, a PE ratio of -1.38 and a beta of 3.27. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.45 and a current ratio of 2.03.

Hedge Funds Weigh In On Canaan

Several hedge funds and other institutional investors have recently modified their holdings of CAN. Vanguard Personalized Indexing Management LLC purchased a new position in Canaan in the 2nd quarter worth approximately $34,000. XTX Topco Ltd purchased a new position in Canaan during the second quarter worth approximately $79,000. Farther Finance Advisors LLC boosted its stake in Canaan by 38.6% during the third quarter. Farther Finance Advisors LLC now owns 109,409 shares of the company’s stock worth $111,000 after buying an additional 30,447 shares during the last quarter. OVERSEA CHINESE BANKING Corp Ltd acquired a new stake in shares of Canaan in the 3rd quarter worth $556,000. Finally, Prime Capital Investment Advisors LLC raised its holdings 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 worth $924,000 after acquiring an additional 42,774 shares during the period. 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.