Investors Purchase Large Volume of Call Options on Canaan (NASDAQ:CAN)

Canaan Inc. (NASDAQ:CAN) saw unusually large options trading on Monday. Stock investors acquired 8,391 call options on the stock. This is an increase of 62% compared to the average volume of 5,182 call options.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Personalized Indexing Management LLC acquired a new stake in shares of Canaan during the 2nd quarter valued at $34,000. XTX Topco Ltd bought a new position in Canaan in the 2nd quarter valued at $79,000. Virtu Financial LLC raised its holdings in Canaan by 35.2% during the 3rd quarter. Virtu Financial LLC now owns 103,394 shares of the company’s stock valued at $104,000 after acquiring an additional 26,920 shares during the period. Farther Finance Advisors LLC grew its holdings in shares of Canaan by 38.6% during the third quarter. Farther Finance Advisors LLC now owns 109,409 shares of the company’s stock worth $111,000 after purchasing an additional 30,447 shares in the last quarter. Finally, Impact Partnership Wealth LLC raised its stake in shares of Canaan by 271.1% during the second quarter. Impact Partnership Wealth LLC now owns 125,990 shares of the company’s stock worth $126,000 after acquiring an additional 92,038 shares in the last quarter. Institutional investors own 70.14% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on CAN. Rosenblatt Securities raised their price objective 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 restated a “buy” rating and set a $3.00 target price on shares of Canaan in a research note on Thursday, November 21st. B. Riley assumed coverage on Canaan in a research report on Wednesday, September 18th. They issued a “buy” rating and a $2.00 price target on the stock. Finally, Nomura Securities upgraded shares of Canaan to a “hold” rating in a research note on Monday, August 19th.

Canaan Stock Up 12.2 %

NASDAQ CAN traded up $0.35 during trading on Monday, hitting $3.21. The stock had a trading volume of 20,697,120 shares, compared to its average volume of 12,169,953. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.45 and a current ratio of 2.03. Canaan has a 12 month low of $0.72 and a 12 month high of $3.50. The company has a market capitalization of $903.88 million, a PE ratio of -2.27 and a beta of 3.24. The company’s 50-day moving average price is $1.59 and its two-hundred day moving average price is $1.21.

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.