Canaan (NASDAQ:CAN) Trading Down 4.6% – Should You Sell?

Canaan Inc. (NASDAQ:CAN) fell 4.6% on Thursday . The company traded as low as $1.85 and last traded at $1.85. 1,926,433 shares traded hands during trading, a decline of 85% from the average session volume of 13,280,208 shares. The stock had previously closed at $1.94.

Analyst Upgrades and Downgrades

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

Canaan Stock Down 2.8 %

The business has a fifty day moving average of $2.11 and a 200 day moving average of $1.40. The company has a market capitalization of $530.78 million, a PE ratio of -1.40 and a beta of 3.27. 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

Hedge funds have recently bought and sold shares of the stock. Quadrature Capital Ltd raised its position 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 purchasing an additional 418,052 shares in the last quarter. OVERSEA CHINESE BANKING Corp Ltd acquired a new stake in Canaan in the 3rd quarter valued at about $556,000. State Street Corp raised its position 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 purchasing an additional 23,759 shares in the last quarter. Commonwealth Equity Services LLC raised its position in Canaan by 20.4% in the 2nd quarter. Commonwealth Equity Services LLC now owns 215,372 shares of the company’s stock valued at $215,000 after purchasing an additional 36,422 shares in the last quarter. Finally, Farther Finance Advisors LLC raised its position in Canaan by 38.6% in the 3rd quarter. Farther Finance Advisors LLC now owns 109,409 shares of the company’s stock valued at $111,000 after purchasing an additional 30,447 shares in the last quarter. Institutional investors and hedge funds 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.