Canaan (NASDAQ:CAN) Shares Gap Up – Here’s Why

Shares of Canaan Inc. (NASDAQ:CAN) gapped up prior to trading on Tuesday . The stock had previously closed at $2.06, but opened at $2.19. Canaan shares last traded at $2.28, with a volume of 6,541,507 shares trading hands.

Wall Street Analysts Forecast Growth

CAN has been the topic of several recent research reports. B. Riley started coverage on shares of Canaan in a report on Wednesday, September 18th. They set a “buy” rating and a $2.00 target price on the stock. Rosenblatt Securities lifted their price objective on Canaan from $3.00 to $4.00 and gave the company a “buy” rating in a report on Friday, December 6th. Finally, HC Wainwright reissued a “buy” rating and set a $3.00 target price on shares of Canaan in a report on Thursday, November 21st.

Canaan Stock Performance

The company has a market cap of $642.01 million, a price-to-earnings ratio of -1.69 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. The company has a fifty day moving average of $1.78 and a two-hundred day moving average of $1.28.

Hedge Funds Weigh In On Canaan

Several large investors have recently modified their holdings of CAN. State Street Corp increased its holdings 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 during the period. Virtu Financial LLC grew its position in shares of Canaan by 35.2% in 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 during the last quarter. Farther Finance Advisors LLC increased its stake in shares of Canaan by 38.6% in the third quarter. Farther Finance Advisors LLC now owns 109,409 shares of the company’s stock valued at $111,000 after buying an additional 30,447 shares during the period. Vanguard Personalized Indexing Management LLC bought a new position in shares of Canaan during the second quarter worth about $34,000. Finally, Commonwealth Equity Services LLC lifted its stake in shares of Canaan by 20.4% in the second quarter. Commonwealth Equity Services LLC now owns 215,372 shares of the company’s stock worth $215,000 after acquiring an additional 36,422 shares during the period. Institutional investors own 70.14% of the company’s stock.

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.