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

Canaan Inc. (NASDAQ:CAN)’s share price gapped up prior to trading on Tuesday . The stock had previously closed at $2.01, but opened at $2.39. Canaan shares last traded at $1.98, with a volume of 19,803,954 shares traded.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on CAN. Rosenblatt Securities lifted their target price on shares of Canaan from $3.00 to $4.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. HC Wainwright reiterated a “buy” rating and issued a $3.00 target price on shares of Canaan in a research report on Thursday, November 21st.

Canaan Stock Up 3.7 %

The company has a current ratio of 2.03, a quick ratio of 1.45 and a debt-to-equity ratio of 0.08. The business has a 50-day moving average price of $2.14 and a 200-day moving average price of $1.42. The stock has a market cap of $587.09 million, a PE ratio of -1.51 and a beta of 3.27.

Institutional Trading of Canaan

Institutional investors have recently made changes to their positions in the company. Vanguard Personalized Indexing Management LLC acquired a new stake in Canaan in the 2nd quarter valued at about $34,000. XTX Topco Ltd acquired a new position in Canaan during the second quarter worth $79,000. Old Port Advisors purchased a new stake in Canaan in the 4th quarter valued at $100,000. Virtu Financial LLC raised its holdings in shares of Canaan by 35.2% during the 3rd quarter. Virtu Financial LLC now owns 103,394 shares of the company’s stock worth $104,000 after acquiring an additional 26,920 shares during the period. Finally, Farther Finance Advisors LLC boosted its position 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 valued at $111,000 after acquiring an additional 30,447 shares during the last quarter. 70.14% of the stock is owned by institutional investors and hedge funds.

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.