Canaan (NASDAQ:CAN) Shares Gap Down – What’s Next?

Canaan Inc. (NASDAQ:CAN)’s share price gapped down prior to trading on Thursday . The stock had previously closed at $2.18, but opened at $2.11. Canaan shares last traded at $2.15, with a volume of 2,464,080 shares traded.

Analyst Upgrades and Downgrades

CAN has been the subject of a number of research reports. HC Wainwright restated a “buy” rating and set a $3.00 target price on shares of Canaan in a research report on Wednesday. Rosenblatt Securities lifted their price objective on Canaan from $3.00 to $4.00 and gave the stock a “buy” rating in a research report on Friday, December 6th.

Canaan Stock Performance

The stock’s fifty day simple moving average is $2.19 and its 200-day simple moving average is $1.45. The company has a quick ratio of 1.45, a current ratio of 2.03 and a debt-to-equity ratio of 0.08.

Institutional Investors Weigh In On Canaan

Hedge funds have recently made changes to their positions in the business. Quadrature Capital Ltd grew its holdings in Canaan by 329.4% in the third 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 during the period. OVERSEA CHINESE BANKING Corp Ltd acquired a new position in shares of Canaan in the 3rd quarter valued at $556,000. State Street Corp grew its stake in shares of Canaan by 0.3% during the 3rd quarter. State Street Corp now owns 9,111,069 shares of the company’s stock valued at $9,202,000 after buying an additional 23,759 shares during the period. Farther Finance Advisors LLC increased its holdings in shares of Canaan by 38.6% during the 3rd 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. Finally, XTX Topco Ltd raised its position in shares of Canaan by 193.3% in the 3rd quarter. XTX Topco Ltd now owns 232,525 shares of the company’s stock worth $235,000 after buying an additional 153,255 shares during the period. 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.