Canaan (NASDAQ:CAN) Shares Gap Down – Should You Sell?

Canaan Inc. (NASDAQ:CAN) shares gapped down before the market opened on Wednesday . The stock had previously closed at $2.97, but opened at $2.90. Canaan shares last traded at $2.88, with a volume of 1,944,210 shares trading hands.

Wall Street Analysts Forecast Growth

CAN has been the topic of a number of research analyst 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 on the stock. HC Wainwright reissued a “buy” rating and set a $3.00 target price on shares of Canaan in a research report on Thursday, November 21st. Finally, Rosenblatt Securities increased their price objective on shares of Canaan from $3.00 to $4.00 and gave the stock a “buy” rating in a research note on Friday, December 6th.

Canaan Stock Performance

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

Hedge Funds Weigh In On Canaan

Institutional investors have recently bought and sold shares of the stock. State Street Corp increased its position in Canaan by 0.3% in 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 during the period. Virtu Financial LLC boosted its holdings in Canaan by 35.2% in the 3rd quarter. Virtu Financial LLC now owns 103,394 shares of the company’s stock valued at $104,000 after purchasing an additional 26,920 shares during the period. Farther Finance Advisors LLC increased its holdings 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 worth $111,000 after purchasing an additional 30,447 shares during the period. Vanguard Personalized Indexing Management LLC acquired a new position in shares of Canaan during the second quarter valued at about $34,000. Finally, Commonwealth Equity Services LLC lifted its stake in shares of Canaan by 20.4% in the second quarter. Commonwealth Equity Services LLC now owns 215,372 shares of the company’s stock valued at $215,000 after buying an additional 36,422 shares during the period. Hedge funds and other institutional investors own 70.14% of the company’s stock.

About Canaan

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.