Canaan (NASDAQ:CAN) Trading 7.1% Higher

Canaan Inc. (NASDAQ:CANGet Rating) traded up 7.1% during mid-day trading on Tuesday . The company traded as high as $2.73 and last traded at $2.70. 116,733 shares were traded during mid-day trading, a decline of 95% from the average session volume of 2,128,032 shares. The stock had previously closed at $2.52.

Wall Street Analysts Forecast Growth

Separately, HC Wainwright reduced their price target on shares of Canaan from $5.00 to $4.00 and set a “buy” rating on the stock in a report on Tuesday, November 15th.

Canaan Stock Performance

The company has a market capitalization of $504.74 million, a P/E ratio of 1.31 and a beta of 3.22. The business’s fifty day simple moving average is $3.09 and its 200-day simple moving average is $3.41.

Institutional Trading of Canaan

A number of large investors have recently made changes to their positions in CAN. Point72 Hong Kong Ltd bought a new stake in shares of Canaan in the 2nd quarter worth about $6,436,000. Invesco Ltd. increased its holdings in shares of Canaan by 49.2% in the 1st quarter. Invesco Ltd. now owns 2,894,464 shares of the company’s stock worth $15,717,000 after buying an additional 954,400 shares during the last quarter. BlackRock Inc. increased its holdings in shares of Canaan by 26.4% in the 3rd quarter. BlackRock Inc. now owns 2,551,224 shares of the company’s stock worth $8,368,000 after buying an additional 532,667 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Canaan by 30.7% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,380,787 shares of the company’s stock worth $7,498,000 after buying an additional 324,446 shares during the last quarter. Finally, Vanguard Group Inc. grew its holdings in Canaan by 4.1% during the 3rd quarter. Vanguard Group Inc. now owns 6,386,618 shares of the company’s stock valued at $20,948,000 after purchasing an additional 252,678 shares during the last quarter. 16.67% of the stock is currently owned by institutional investors.

Canaan Company Profile

(Get Rating)

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 primarily in the People's Republic of China. It is also involved in the assembly and distribution of mining equipment and spare parts.

Featured Articles

Receive News & Ratings for Canaan Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Canaan and related companies with MarketBeat.com's FREE daily email newsletter.