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

Canaan Inc. (NASDAQ:CAN) shares gapped up prior to trading on Tuesday . The stock had previously closed at $2.01, but opened at $2.39. Canaan shares last traded at $1.98, with a volume of 19,803,954 shares changing hands.

Analysts Set New Price Targets

Several research analysts recently commented on CAN shares. Rosenblatt Securities boosted their target price on Canaan from $3.00 to $4.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. HC Wainwright reaffirmed a “buy” rating and issued a $3.00 target price on shares of Canaan in a report on Thursday, November 21st.

Canaan Trading Up 3.7 %

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 business has a fifty day simple moving average of $2.14 and a 200 day simple moving average of $1.42. The stock has a market cap of $587.09 million, a price-to-earnings ratio of -1.51 and a beta of 3.27.

Hedge Funds Weigh In On Canaan

Several hedge funds and other institutional investors have recently modified their holdings of CAN. Quadrature Capital Ltd grew its stake in Canaan by 329.4% during the 3rd quarter. Quadrature Capital Ltd now owns 544,976 shares of the company’s stock valued at $550,000 after purchasing an additional 418,052 shares in the last quarter. OVERSEA CHINESE BANKING Corp Ltd acquired a new stake in shares of Canaan in the 3rd quarter valued at about $556,000. State Street Corp increased its holdings in shares of Canaan by 0.3% in the 3rd quarter. State Street Corp now owns 9,111,069 shares of the company’s stock valued at $9,202,000 after acquiring an additional 23,759 shares during the last quarter. Commonwealth Equity Services LLC increased its stake in Canaan by 20.4% during the second quarter. Commonwealth Equity Services LLC now owns 215,372 shares of the company’s stock valued at $215,000 after purchasing an additional 36,422 shares during the last quarter. Finally, Farther Finance Advisors LLC lifted its position 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 worth $111,000 after buying an additional 30,447 shares during 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.