Canaan (NASDAQ:CAN) Shares Gap Up – Should You Buy?

Canaan Inc. (NASDAQ:CAN)’s stock price gapped up prior to trading on Tuesday . The stock had previously closed at $1.76, but opened at $1.85. Canaan shares last traded at $1.87, with a volume of 1,424,245 shares changing hands.

Wall Street Analyst Weigh In

CAN has been the subject of a number of research reports. B. Riley initiated coverage on shares of Canaan in a report on Wednesday, September 18th. They issued a “buy” rating and a $2.00 price target for the company. HC Wainwright reissued a “buy” rating and issued a $3.00 price target on shares of Canaan in a report on Thursday, November 21st. Finally, 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.

Canaan Stock Performance

The company has a market capitalization of $508.26 million, a P/E ratio of -1.34 and a beta of 3.27. The company has a debt-to-equity ratio of 0.08, a current ratio of 2.03 and a quick ratio of 1.45. The stock’s 50 day simple moving average is $2.09 and its two-hundred day simple moving average is $1.39.

Institutional Investors Weigh In On Canaan

Large investors have recently bought and sold shares of the company. State Street Corp boosted its holdings in shares of Canaan by 0.3% in the third quarter. State Street Corp now owns 9,111,069 shares of the company’s stock valued at $9,202,000 after buying an additional 23,759 shares during the period. Prime Capital Investment Advisors LLC boosted its holdings in shares of Canaan by 4.9% in the third quarter. Prime Capital Investment Advisors LLC now owns 914,385 shares of the company’s stock valued at $924,000 after buying an additional 42,774 shares during the period. OVERSEA CHINESE BANKING Corp Ltd acquired a new position in Canaan during the third quarter worth $556,000. Quadrature Capital Ltd boosted its holdings in Canaan by 329.4% during 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 during the last quarter. Finally, XTX Topco Ltd boosted its holdings in Canaan by 193.3% during the third quarter. XTX Topco Ltd now owns 232,525 shares of the company’s stock worth $235,000 after purchasing an additional 153,255 shares during 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.