Canaan (NASDAQ:CAN) Stock Price Down 7.5% – Here’s What Happened

Shares of Canaan Inc. (NASDAQ:CAN) dropped 7.5% on Wednesday . The stock traded as low as $1.95 and last traded at $1.96. Approximately 3,960,773 shares were traded during trading, a decline of 75% from the average daily volume of 16,095,119 shares. The stock had previously closed at $2.12.

Analysts Set New Price Targets

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

Canaan Stock Performance

The firm has a market cap of $549.08 million, a price-to-earnings ratio of -1.44 and a beta of 3.27. The stock’s fifty day moving average is $2.04 and its two-hundred day moving average is $1.37. 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

Hedge funds have recently added to or reduced their stakes in the business. State Street Corp increased its holdings in shares of Canaan by 0.3% during the third quarter. State Street Corp now owns 9,111,069 shares of the company’s stock valued at $9,202,000 after purchasing an additional 23,759 shares during the period. Virtu Financial LLC lifted its stake in shares of Canaan by 35.2% in 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 during the period. Farther Finance Advisors LLC boosted its holdings in shares of Canaan by 38.6% in the third quarter. Farther Finance Advisors LLC now owns 109,409 shares of the company’s stock valued at $111,000 after acquiring an additional 30,447 shares in the last quarter. Vanguard Personalized Indexing Management LLC acquired a new position in shares of Canaan during the second quarter valued at approximately $34,000. Finally, Commonwealth Equity Services LLC raised its holdings in Canaan by 20.4% during the second quarter. Commonwealth Equity Services LLC now owns 215,372 shares of the company’s stock worth $215,000 after purchasing an additional 36,422 shares in the last quarter. Institutional investors 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.