Canaan Target of Unusually Large Options Trading (NASDAQ:CAN)

Canaan Inc. Sponsored ADR (NASDAQ:CANGet Free Report) was the target of unusually large options trading activity on Monday. Stock traders bought 16,718 call options on the stock. This represents an increase of approximately 470% compared to the typical volume of 2,935 call options.

Analyst Ratings Changes

CAN has been the topic of several recent research reports. Compass Point started coverage on shares of Canaan in a research report on Tuesday, March 18th. They issued a “buy” rating and a $2.50 price objective on the stock. Northland Securities started coverage on Canaan in a report on Wednesday, June 18th. They set a “market perform” rating and a $1.50 price target on the stock. HC Wainwright reissued a “buy” rating and issued a $3.00 price objective on shares of Canaan in a report on Thursday, March 27th. Rosenblatt Securities restated a “buy” rating and issued a $5.00 target price on shares of Canaan in a research report on Tuesday, July 8th. Finally, Benchmark reduced their price target on Canaan from $3.00 to $2.00 and set a “buy” rating for the company in a research report on Wednesday, May 21st. One investment analyst has rated the stock with a sell rating, three have given a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $2.67.

View Our Latest Research Report on Canaan

Canaan Price Performance

Shares of NASDAQ:CAN opened at $0.87 on Wednesday. The stock has a market cap of $323.57 million, a price-to-earnings ratio of -0.85 and a beta of 3.29. The company has a debt-to-equity ratio of 0.09, a current ratio of 1.50 and a quick ratio of 1.11. Canaan has a 12 month low of $0.53 and a 12 month high of $3.27. The stock’s 50 day moving average price is $0.69 and its 200 day moving average price is $1.13.

Canaan announced that its Board of Directors has approved a stock repurchase program on Tuesday, May 27th that allows the company to repurchase $0.00 in outstanding shares. This repurchase authorization allows the company to repurchase shares of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s management believes its shares are undervalued.

Institutional Investors Weigh In On Canaan

A number of institutional investors and hedge funds have recently bought and sold shares of the business. EntryPoint Capital LLC acquired a new stake in shares of Canaan during the fourth quarter worth $32,000. Raymond James Financial Inc. acquired a new stake in Canaan during the 4th quarter worth about $33,000. Wellington Management Group LLP acquired a new position in shares of Canaan in the fourth quarter worth about $48,000. Chesapeake Capital Corp IL acquired a new position in shares of Canaan in the fourth quarter worth about $79,000. Finally, GTS Securities LLC increased its position in shares of Canaan by 137.7% in the fourth quarter. GTS Securities LLC now owns 67,648 shares of the company’s stock worth $139,000 after acquiring an additional 39,183 shares in the last quarter. 70.14% of the stock is owned by institutional investors and hedge funds.

About Canaan

(Get Free Report)

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.

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