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 $2.07, but opened at $1.87. Canaan shares last traded at $1.96, with a volume of 4,059,951 shares traded.

Analyst Ratings Changes

Several equities research analysts recently weighed in on CAN shares. HC Wainwright reiterated a “buy” rating and issued a $3.00 target price on shares of Canaan in a research note on Wednesday, January 22nd. Rosenblatt Securities raised their price objective on Canaan from $3.00 to $4.00 and gave the stock a “buy” rating in a research report on Friday, December 6th.

Canaan Trading Down 8.0 %

The business’s 50 day moving average price is $2.22 and its 200-day moving average price is $1.48. The company has a market cap of $536.41 million, a price-to-earnings ratio of -1.41 and a beta of 3.26. 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 Investors Weigh In On Canaan

Several large investors have recently modified their holdings of the stock. State Street Corp lifted its position in Canaan by 0.3% during the 3rd quarter. State Street Corp now owns 9,111,069 shares of the company’s stock worth $9,202,000 after buying an additional 23,759 shares in the last quarter. Virtu Financial LLC raised its stake in shares of Canaan by 35.2% in the third quarter. Virtu Financial LLC now owns 103,394 shares of the company’s stock worth $104,000 after acquiring an additional 26,920 shares during the last quarter. Farther Finance Advisors LLC lifted its position 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 worth $111,000 after purchasing an additional 30,447 shares in the last quarter. Prime Capital Investment Advisors LLC grew its stake in shares of Canaan by 4.9% during the third quarter. Prime Capital Investment Advisors LLC now owns 914,385 shares of the company’s stock valued at $924,000 after purchasing an additional 42,774 shares during the last quarter. Finally, Old Port Advisors acquired a new stake in shares of Canaan in the fourth quarter valued at approximately $100,000. 70.14% of the stock is currently owned by 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.