Canaan (NASDAQ:CAN) Stock Price Down 4.6% – Should You Sell?

Canaan Inc. (NASDAQ:CAN) dropped 4.6% during trading on Thursday . The stock traded as low as $1.85 and last traded at $1.85. Approximately 1,926,433 shares were traded during mid-day trading, a decline of 85% from the average daily volume of 13,280,208 shares. The stock had previously closed at $1.94.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. Rosenblatt Securities boosted their price target 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. HC Wainwright reaffirmed a “buy” rating and issued a $3.00 price target on shares of Canaan in a report on Thursday, November 21st.

Canaan Stock Up 5.8 %

The company has a quick ratio of 1.45, a current ratio of 2.03 and a debt-to-equity ratio of 0.08. The business’s fifty day moving average price is $2.14 and its 200 day moving average price is $1.41. The firm has a market capitalization of $565.98 million, a PE ratio of -1.49 and a beta of 3.27.

Institutional Investors Weigh In On Canaan

Hedge funds have recently modified their holdings of the stock. Vanguard Personalized Indexing Management LLC acquired a new stake in shares of Canaan in the 2nd quarter worth $34,000. XTX Topco Ltd purchased a new stake in Canaan in the 2nd quarter valued at approximately $79,000. Old Port Advisors acquired a new position in Canaan during the 4th quarter worth approximately $100,000. Virtu Financial LLC raised its stake in shares of Canaan by 35.2% during the 3rd quarter. Virtu Financial LLC now owns 103,394 shares of the company’s stock worth $104,000 after buying an additional 26,920 shares in the last quarter. Finally, Farther Finance Advisors LLC lifted its holdings in shares of Canaan by 38.6% in the 3rd quarter. Farther Finance Advisors LLC now owns 109,409 shares of the company’s stock valued at $111,000 after buying an additional 30,447 shares during the period. 70.14% of the stock is owned by institutional investors and hedge funds.

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.