Canaan (NASDAQ:CAN) Shares Gap Down – Here’s What Happened

Canaan Inc. (NASDAQ:CAN) shares 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.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on CAN. HC Wainwright reiterated a “buy” rating and set a $3.00 price target on shares of Canaan in a report on Wednesday, January 22nd. Rosenblatt Securities lifted their target price on shares of Canaan from $3.00 to $4.00 and gave the company a “buy” rating in a research note on Friday, December 6th.

Canaan Trading Down 7.6 %

The stock has a 50 day moving average of $2.21 and a two-hundred day moving average of $1.49. The company has a quick ratio of 1.45, a current ratio of 2.03 and a debt-to-equity ratio of 0.08.

Institutional Trading of Canaan

A number of institutional investors and hedge funds have recently modified their holdings of CAN. Quadrature Capital Ltd raised its holdings in Canaan by 329.4% in the 3rd quarter. Quadrature Capital Ltd now owns 544,976 shares of the company’s stock worth $550,000 after acquiring an additional 418,052 shares during the period. Baader Bank Aktiengesellschaft increased its stake in shares of Canaan by 287.0% in the fourth quarter. Baader Bank Aktiengesellschaft now owns 1,305,724 shares of the company’s stock worth $2,677,000 after purchasing an additional 968,347 shares during the period. OVERSEA CHINESE BANKING Corp Ltd acquired a new position in shares of Canaan during the 3rd quarter worth about $556,000. Exchange Traded Concepts LLC bought a new stake in Canaan during the 4th quarter valued at approximately $2,807,000. Finally, State Street Corp grew its holdings in 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 buying an additional 23,759 shares during the last quarter. 70.14% of the stock is currently owned by institutional investors and hedge funds.

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.