Canaan (NASDAQ:CAN) Shares Gap Down – Here’s Why

Canaan Inc. (NASDAQ:CAN)’s stock price gapped down before the market opened on Monday . The stock had previously closed at $1.94, but opened at $1.79. Canaan shares last traded at $1.78, with a volume of 6,951,330 shares traded.

Analyst Upgrades and Downgrades

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

Canaan Price Performance

The company has a debt-to-equity ratio of 0.08, a current ratio of 2.03 and a quick ratio of 1.45. The firm has a market capitalization of $481.51 million, a P/E ratio of -1.27 and a beta of 3.27. The company’s 50 day moving average price is $2.08 and its 200 day moving average price is $1.39.

Hedge Funds Weigh In On Canaan

Several large investors have recently made changes to their positions in CAN. Old Port Advisors acquired a new stake in shares of Canaan during the 4th quarter worth approximately $100,000. Virtu Financial LLC raised its position in shares of 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 last quarter. XTX Topco Ltd lifted its stake in shares of Canaan by 193.3% in the 3rd 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 boosted its position in shares of Canaan by 0.3% in the 3rd quarter. State Street Corp now owns 9,111,069 shares of the company’s stock worth $9,202,000 after purchasing an additional 23,759 shares during the last quarter. Finally, Quadrature Capital Ltd grew its stake in shares of Canaan by 329.4% during the third quarter. Quadrature Capital Ltd now owns 544,976 shares of the company’s stock worth $550,000 after purchasing an additional 418,052 shares during the period. Institutional investors and hedge funds 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.