Canaan (NASDAQ:CAN) Stock Price Down 4.9% – Here’s Why

Canaan Inc. (NASDAQ:CAN) fell 4.9% during mid-day trading on Tuesday . The company traded as low as $2.87 and last traded at $2.94. 12,029,761 shares traded hands during mid-day trading, a decline of 1% from the average session volume of 12,203,361 shares. The stock had previously closed at $3.09.

Analysts Set New Price Targets

CAN has been the subject of several analyst reports. Rosenblatt Securities upped their target price on Canaan from $3.00 to $4.00 and gave the company a “buy” rating in a report on Friday, December 6th. B. Riley assumed coverage on shares of Canaan in a research note on Wednesday, September 18th. They set a “buy” rating and a $2.00 price objective for the company. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $3.00 price objective on shares of Canaan in a research note on Thursday, November 21st.

Canaan Stock Down 10.8 %

The business has a fifty day moving average price of $1.73 and a two-hundred day moving average price of $1.26. The company has a current ratio of 2.03, a quick ratio of 1.45 and a debt-to-equity ratio of 0.08. The company has a market cap of $650.45 million, a price-to-earnings ratio of -1.71 and a beta of 3.24.

Institutional Trading of Canaan

Several hedge funds and other institutional investors have recently modified their holdings of CAN. Quadrature Capital Ltd boosted its holdings in Canaan by 329.4% in 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 in the last quarter. OVERSEA CHINESE BANKING Corp Ltd bought a new stake in Canaan in the 3rd quarter valued at $556,000. Van ECK Associates Corp raised its position in Canaan by 55.4% in the second quarter. Van ECK Associates Corp now owns 9,762,972 shares of the company’s stock worth $9,761,000 after purchasing an additional 3,482,283 shares in the last quarter. Commonwealth Equity Services LLC lifted its position in shares of Canaan by 20.4% during the 2nd quarter. Commonwealth Equity Services LLC now owns 215,372 shares of the company’s stock worth $215,000 after buying an additional 36,422 shares during the period. Finally, Farther Finance Advisors LLC boosted its stake 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 purchasing 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.