Canaan (NASDAQ:CAN) Sees Strong Trading Volume – Should You Buy?

Canaan Inc. (NASDAQ:CAN) shares saw an uptick in trading volume on Wednesday . 11,119,336 shares were traded during mid-day trading, a decline of 3% from the previous session’s volume of 11,509,039 shares.The stock last traded at $2.45 and had previously closed at $2.14.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on CAN. B. Riley began coverage on Canaan in a report on Wednesday, September 18th. They issued a “buy” rating and a $2.00 target price on the stock. HC Wainwright reissued a “buy” rating and issued a $3.00 target price on shares of Canaan in a report on Thursday, November 21st. Nomura Securities raised Canaan to a “hold” rating in a report on Monday, August 19th. Finally, Rosenblatt Securities initiated coverage on Canaan in a report on Wednesday, September 11th. They set a “buy” rating and a $3.00 price objective on the stock.

Canaan Stock Up 8.4 %

The firm’s 50-day simple moving average is $1.32 and its 200 day simple moving average is $1.12. The company has a market cap of $653.27 million, a P/E ratio of -1.81 and a beta of 3.24. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.45 and a current ratio of 2.03.

Institutional Trading of Canaan

Several institutional investors and hedge funds have recently made changes to their positions in CAN. Vanguard Personalized Indexing Management LLC bought a new stake in shares of Canaan in the 2nd quarter valued at $34,000. XTX Topco Ltd acquired a new position in Canaan in the 2nd quarter worth $79,000. Virtu Financial LLC boosted its stake in Canaan by 35.2% in the 3rd quarter. Virtu Financial LLC now owns 103,394 shares of the company’s stock worth $104,000 after purchasing an additional 26,920 shares during the period. Farther Finance Advisors LLC boosted its stake 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 period. Finally, Impact Partnership Wealth LLC boosted its stake in Canaan by 271.1% in the 2nd quarter. Impact Partnership Wealth LLC now owns 125,990 shares of the company’s stock worth $126,000 after purchasing an additional 92,038 shares during the period. Institutional investors own 70.14% of the company’s stock.

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.