Investors Buy Large Volume of Canaan Call Options (NASDAQ:CAN)

Canaan Inc. (NASDAQ:CAN) saw some unusual options trading on Monday. Stock traders acquired 8,391 call options on the company. This is an increase of 62% compared to the typical daily volume of 5,182 call options.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on CAN shares. B. Riley started coverage on Canaan in a report on Wednesday, September 18th. They issued a “buy” rating and a $2.00 target price for the company. HC Wainwright reissued a “buy” rating and set a $3.00 price objective on shares of Canaan in a report on Thursday, November 21st. Nomura Securities upgraded shares of Canaan to a “hold” rating in a research note on Monday, August 19th. Finally, Rosenblatt Securities increased their target price on shares of Canaan from $3.00 to $4.00 and gave the stock a “buy” rating in a research report on Friday, December 6th.

Canaan Trading Up 8.0 %

CAN stock opened at $3.09 on Tuesday. 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 has a market capitalization of $870.09 million, a price-to-earnings ratio of -2.29 and a beta of 3.24. The business has a fifty day moving average price of $1.63 and a 200 day moving average price of $1.23. Canaan has a fifty-two week low of $0.72 and a fifty-two week high of $3.50.

Institutional Trading of Canaan

Hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Personalized Indexing Management LLC bought a new stake in Canaan during the 2nd quarter worth about $34,000. XTX Topco Ltd bought a new stake in shares of Canaan during the second quarter valued at approximately $79,000. Virtu Financial LLC increased its holdings in shares of Canaan by 35.2% in the third 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 in the last quarter. Farther Finance Advisors LLC raised its position in 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 purchasing an additional 30,447 shares during the last quarter. Finally, Impact Partnership Wealth LLC lifted its holdings in Canaan by 271.1% during the 2nd quarter. Impact Partnership Wealth LLC now owns 125,990 shares of the company’s stock worth $126,000 after buying an additional 92,038 shares in the last quarter. 70.14% of the stock is currently 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.