Canaan (NASDAQ:CAN) Shares Gap Down – What’s Next?

Shares of Canaan Inc. (NASDAQ:CAN) gapped down before the market opened on Monday . The stock had previously closed at $2.07, but opened at $1.87. Canaan shares last traded at $1.96, with a volume of 4,059,951 shares.

Analysts Set New Price Targets

Several equities analysts have commented on the company. Rosenblatt Securities upped their price target on 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 price target on shares of Canaan in a report on Wednesday, January 22nd.

Canaan Price Performance

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 has a fifty day simple moving average of $2.21 and a 200-day simple moving average of $1.49.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Old Port Advisors acquired a new position in Canaan in the fourth quarter worth $100,000. Private Advisor Group LLC bought a new position in shares of Canaan in the fourth quarter valued at about $102,000. Virtu Financial LLC lifted its position in Canaan by 35.2% during the 3rd quarter. Virtu Financial LLC now owns 103,394 shares of the company’s stock worth $104,000 after buying an additional 26,920 shares in the last quarter. Farther Finance Advisors LLC grew its holdings in 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 acquiring an additional 30,447 shares during the last quarter. Finally, IFP Advisors Inc increased its position in Canaan by 4,234.0% in the 4th quarter. IFP Advisors Inc now owns 76,105 shares of the company’s stock valued at $156,000 after acquiring an additional 74,349 shares in the last quarter. 70.14% of the stock is owned by institutional investors and hedge funds.

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.