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

Canaan Inc. (NASDAQ:CAN) gapped down before the market opened on Monday . The stock had previously closed at $2.23, but opened at $2.11. Canaan shares last traded at $2.07, with a volume of 3,863,290 shares changing hands.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on CAN shares. B. Riley initiated coverage on Canaan in a research report on Wednesday, September 18th. They issued a “buy” rating and a $2.00 target price for the company. Rosenblatt Securities boosted their price objective on shares of Canaan from $3.00 to $4.00 and gave the stock a “buy” rating in a report on Friday, December 6th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $3.00 target price on shares of Canaan in a report on Thursday, November 21st.

Canaan Price Performance

The firm has a fifty day moving average of $1.91 and a two-hundred day moving average of $1.32. The company has a current ratio of 2.03, a quick ratio of 1.45 and a debt-to-equity ratio of 0.08. The company has a market capitalization of $577.24 million, a PE ratio of -1.52 and a beta of 3.24.

Institutional Investors Weigh In On Canaan

Several institutional investors have recently added to or reduced their stakes in CAN. Vanguard Personalized Indexing Management LLC purchased a new position in shares of Canaan in the second quarter valued at about $34,000. XTX Topco Ltd bought a new stake in shares of Canaan in the second quarter worth about $79,000. Virtu Financial LLC increased its holdings in Canaan by 35.2% during the 3rd 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 during the period. Farther Finance Advisors LLC raised its position in Canaan by 38.6% during the 3rd quarter. Farther Finance Advisors LLC now owns 109,409 shares of the company’s stock valued at $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% in 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 during the period. Hedge funds and other institutional investors own 70.14% of the company’s stock.

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.