Canaan (NASDAQ:CAN) Trading Down 8.6% – Time to Sell?

Canaan Inc. (NASDAQ:CAN) traded down 8.6% during trading on Monday . The stock traded as low as $2.11 and last traded at $2.12. 4,484,220 shares traded hands during trading, a decline of 64% from the average session volume of 12,324,560 shares. The stock had previously closed at $2.32.

Analysts Set New Price Targets

CAN has been the topic of several recent analyst reports. B. Riley started coverage on Canaan in a research note on Wednesday, September 18th. They issued a “buy” rating and a $2.00 price target on the stock. Rosenblatt Securities increased 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. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $3.00 price target on shares of Canaan in a research note on Thursday, November 21st.

Canaan Stock Performance

The company’s 50 day simple moving average is $1.80 and its 200 day simple moving average is $1.29. The stock has a market cap of $633.56 million, a PE ratio of -1.67 and a beta of 3.24. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.45 and a current ratio of 2.03.

Institutional Trading of Canaan

Hedge funds have recently added to or reduced their stakes in the stock. Virtu Financial LLC raised its holdings in shares of Canaan by 35.2% in 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 during the period. XTX Topco Ltd raised its position in shares of Canaan by 193.3% in the third quarter. XTX Topco Ltd now owns 232,525 shares of the company’s stock valued at $235,000 after purchasing an additional 153,255 shares during the period. State Street Corp lifted its stake in shares of Canaan by 0.3% during the 3rd quarter. State Street Corp now owns 9,111,069 shares of the company’s stock valued at $9,202,000 after buying an additional 23,759 shares in the last quarter. Quadrature Capital Ltd boosted its holdings in Canaan by 329.4% in the 3rd quarter. Quadrature Capital Ltd now owns 544,976 shares of the company’s stock worth $550,000 after buying an additional 418,052 shares during the period. Finally, Prime Capital Investment Advisors LLC raised its holdings in Canaan by 4.9% during the 3rd quarter. Prime Capital Investment Advisors LLC now owns 914,385 shares of the company’s stock valued at $924,000 after acquiring an additional 42,774 shares during the period. Institutional investors 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.