Canaan (NYSE:CAN) Shares Down 7.4%

Canaan Inc. (NYSE:CAN)’s stock price traded down 7.4% during mid-day trading on Friday . The stock traded as low as $2.50 and last traded at $2.50, 3,988,442 shares traded hands during mid-day trading. An increase of 149% from the average session volume of 1,599,103 shares. The stock had previously closed at $2.70.

The company has a 50 day moving average price of $2.04 and a 200-day moving average price of $3.83.

Canaan (NYSE:CAN) last released its quarterly earnings results on Friday, May 22nd. The company reported ($0.04) earnings per share (EPS) for the quarter. The firm had revenue of $9.64 million during the quarter.

Several large investors have recently added to or reduced their stakes in the company. Cubist Systematic Strategies LLC bought a new position in shares of Canaan in the fourth quarter worth $70,000. UBS Group AG bought a new position in Canaan during the second quarter valued at about $78,000. CSat Investment Advisory L.P. bought a new position in Canaan during the first quarter valued at about $646,000. Toroso Investments LLC bought a new position in Canaan during the first quarter valued at about $646,000. Finally, Invesco Ltd. bought a new position in Canaan during the first quarter valued at about $1,158,000.

About Canaan (NYSE:CAN)

Canaan Inc engages in the research, design, and sale of integrated circuit (IC) final system products by integrating IC products for bitcoin mining and related components primarily in the People's Republic of China. It is also involved in the assembly of system products; and supply chain and distribution of system products.

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