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

Canaan Inc. (NASDAQ:CAN)’s share price gapped down before the market opened on Tuesday . The stock had previously closed at $2.34, but opened at $2.29. Canaan shares last traded at $2.24, with a volume of 2,210,758 shares.

Analysts Set New Price Targets

Several analysts recently issued reports on CAN shares. HC Wainwright reiterated a “buy” rating and issued a $3.00 price target on shares of Canaan in a report on Thursday, November 21st. B. Riley initiated coverage on Canaan in a report on Wednesday, September 18th. They set a “buy” rating and a $2.00 target price on the stock. Finally, Rosenblatt Securities boosted their target price on shares of Canaan from $3.00 to $4.00 and gave the stock a “buy” rating in a research report on Friday, December 6th.

Canaan Stock Performance

The company has a market capitalization of $599.77 million, a price-to-earnings ratio of -1.58 and a beta of 3.27. The company’s fifty day simple moving average is $2.02 and its two-hundred day simple moving average is $1.36. 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

Institutional investors and hedge funds have recently bought and sold shares of the company. Vanguard Personalized Indexing Management LLC acquired a new position in Canaan in the second quarter worth $34,000. XTX Topco Ltd acquired a new stake in Canaan during the second quarter worth about $79,000. Old Port Advisors bought a new position in Canaan in the fourth quarter worth about $100,000. Virtu Financial LLC boosted its stake in Canaan by 35.2% in the third 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. Finally, 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 valued at $111,000 after purchasing an additional 30,447 shares during the last quarter. Institutional investors and hedge funds own 70.14% of the company’s stock.

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.