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

Canaan Inc. (NASDAQ:CAN) shares gapped down before the market opened on Thursday . The stock had previously closed at $2.18, but opened at $2.11. Canaan shares last traded at $2.15, with a volume of 2,464,080 shares.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. Rosenblatt Securities lifted their price target 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 reissued a “buy” rating and issued a $3.00 target price on shares of Canaan in a research note on Wednesday.

Canaan Stock Down 1.4 %

The business has a 50 day moving average price of $2.19 and a 200-day moving average price of $1.45. The company has a quick ratio of 1.45, a current ratio of 2.03 and a debt-to-equity ratio of 0.08.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in CAN. Vanguard Personalized Indexing Management LLC acquired a new position in shares of Canaan in the 2nd quarter valued at approximately $34,000. XTX Topco Ltd acquired a new stake in Canaan in the second quarter valued at $79,000. Old Port Advisors bought a new position in Canaan during the 4th quarter valued at $100,000. Virtu Financial LLC grew its holdings in 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 acquiring an additional 26,920 shares in the last quarter. Finally, Farther Finance Advisors LLC grew its holdings in Canaan by 38.6% during the 3rd quarter. Farther Finance Advisors LLC now owns 109,409 shares of the company’s stock worth $111,000 after acquiring an additional 30,447 shares in the last quarter. 70.14% of the stock is currently owned by hedge funds and other institutional investors.

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.