Canaan (NASDAQ:CAN) Shares Gap Up – Still a Buy?

Shares of Canaan Inc. (NASDAQ:CAN) gapped up prior to trading on Tuesday . The stock had previously closed at $2.01, but opened at $2.39. Canaan shares last traded at $1.98, with a volume of 19,803,954 shares changing hands.

Analysts Set New Price Targets

Several research firms have commented on CAN. Rosenblatt Securities boosted their price target on shares of Canaan from $3.00 to $4.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. HC Wainwright reissued a “buy” rating and set a $3.00 target price on shares of Canaan in a research note on Wednesday.

Canaan Stock Up 1.9 %

The business’s 50 day moving average is $2.16 and its 200-day moving average is $1.44. 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 Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the business. Vanguard Personalized Indexing Management LLC acquired a new stake in Canaan during the 2nd quarter worth $34,000. XTX Topco Ltd acquired a new stake in shares of Canaan during the second quarter worth about $79,000. Old Port Advisors acquired a new stake in shares of Canaan during the fourth quarter worth about $100,000. Virtu Financial LLC lifted its holdings in shares of Canaan by 35.2% in 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 last quarter. Finally, Farther Finance Advisors LLC boosted its position in shares of Canaan by 38.6% in 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 period. 70.14% of the stock is 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.