Canaan Sees Unusually High Options Volume (NASDAQ:CAN)

Canaan Inc. Sponsored ADR (NASDAQ:CAN) saw some unusual options trading on Monday. Traders bought 16,718 call options on the stock. This is an increase of 470% compared to the typical volume of 2,935 call options.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. Benchmark dropped their price target on shares of Canaan from $3.00 to $2.00 and set a “buy” rating on the stock in a research note on Wednesday, May 21st. Compass Point assumed coverage on Canaan in a report on Tuesday, March 18th. They issued a “buy” rating and a $2.50 price objective for the company. B. Riley cut their target price on Canaan from $3.00 to $2.00 and set a “buy” rating on the stock in a research note on Thursday. Wall Street Zen lowered Canaan from a “hold” rating to a “sell” rating in a research report on Saturday, June 21st. Finally, Northland Capmk raised Canaan to a “hold” rating in a research note on Wednesday, June 18th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $2.67.

Canaan Stock Up 22.7%

Shares of CAN traded up $0.16 during mid-day trading on Monday, reaching $0.88. The company’s stock had a trading volume of 131,777,031 shares, compared to its average volume of 17,392,511. The company has a market cap of $329.64 million, a price-to-earnings ratio of -0.88 and a beta of 3.29. The business has a fifty day moving average of $0.67 and a 200 day moving average of $1.14. The company has a quick ratio of 1.11, a current ratio of 1.50 and a debt-to-equity ratio of 0.09. Canaan has a 1 year low of $0.53 and a 1 year high of $3.27.

Canaan declared that its board has authorized a share buyback program on Tuesday, May 27th that authorizes the company to repurchase $0.00 in outstanding shares. This repurchase authorization authorizes the company to purchase shares of its stock through open market purchases. Shares repurchase programs are typically a sign that the company’s management believes its stock is undervalued.

Institutional Trading of Canaan

Several hedge funds and other institutional investors have recently modified their holdings of CAN. EntryPoint Capital LLC acquired a new stake in Canaan in the fourth quarter valued at approximately $32,000. Raymond James Financial Inc. acquired a new stake in shares of Canaan in the 4th quarter valued at $33,000. Wellington Management Group LLP bought a new stake in Canaan in the fourth quarter worth $48,000. Chesapeake Capital Corp IL bought a new stake in Canaan in the fourth quarter worth $79,000. Finally, GMT Capital Corp acquired a new position in Canaan during the first quarter worth $86,000. 70.14% of the stock is currently owned by hedge funds and other institutional investors.

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.