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

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

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. Rosenblatt Securities lifted their price target on shares of Canaan from $3.00 to $4.00 and gave the company a “buy” rating in a research report on Friday, December 6th. HC Wainwright reaffirmed a “buy” rating and set a $3.00 target price on shares of Canaan in a research report on Wednesday, January 22nd.

Canaan Stock Up 13.7 %

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’s fifty day simple moving average is $2.21 and its 200 day simple moving average is $1.47. The stock has a market cap of $595.26 million, a price-to-earnings ratio of -1.55 and a beta of 3.27.

Institutional Investors Weigh In On Canaan

A number of hedge funds have recently modified their holdings of the business. Vanguard Personalized Indexing Management LLC acquired a new stake in Canaan in the 2nd quarter valued at approximately $34,000. Old Port Advisors bought a new stake in Canaan during the fourth quarter worth about $100,000. XTX Topco Ltd acquired a new position in Canaan during the second quarter valued at approximately $79,000. Certuity LLC bought a new position in Canaan in the fourth quarter valued at approximately $205,000. Finally, Virtu Financial LLC raised its stake 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 purchasing an additional 26,920 shares in the last quarter. Institutional investors and hedge funds own 70.14% of the company’s stock.

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.