Canaan (NASDAQ:CAN) Shares Up 14.1% – Here’s What Happened

Canaan Inc. (NASDAQ:CAN) was up 14.1% during mid-day trading on Thursday . The stock traded as high as $2.39 and last traded at $2.34. Approximately 8,154,875 shares were traded during mid-day trading, a decline of 35% from the average daily volume of 12,458,802 shares. The stock had previously closed at $2.05.

Wall Street Analyst Weigh In

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

Canaan Stock Up 4.5 %

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 company has a market cap of $653.27 million, a PE ratio of -1.72 and a beta of 3.24. The company’s fifty day moving average is $2.00 and its 200-day moving average is $1.35.

Institutional Investors Weigh In On Canaan

A number of large investors have recently made changes to their positions in CAN. Commonwealth Equity Services LLC increased its stake in shares of Canaan by 20.4% in the 2nd 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. Impact Partnership Wealth LLC grew its holdings in Canaan by 271.1% during the second quarter. Impact Partnership Wealth LLC now owns 125,990 shares of the company’s stock valued at $126,000 after purchasing an additional 92,038 shares during the period. Vanguard Personalized Indexing Management LLC purchased a new stake in Canaan in the second quarter worth about $34,000. XTX Topco Ltd bought a new position in shares of Canaan in the second quarter worth about $79,000. Finally, Farther Finance Advisors LLC lifted its position in shares of Canaan by 38.6% during 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 in the last quarter. 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.