Canaan (NASDAQ:CAN) Trading 15.8% Higher – Time to Buy?

Canaan Inc. (NASDAQ:CAN)’s share price rose 15.8% on Wednesday . The company traded as high as $1.92 and last traded at $1.91. Approximately 4,243,047 shares were traded during mid-day trading, a decline of 61% from the average daily volume of 10,829,690 shares. The stock had previously closed at $1.65.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the stock. Nomura Securities raised shares of Canaan to a “hold” rating in a report on Monday, August 19th. B. Riley began coverage on shares of Canaan in a research report on Wednesday, September 18th. They issued a “buy” rating and a $2.00 price objective for the company. Rosenblatt Securities began coverage on shares of Canaan in a research report on Wednesday, September 11th. They issued a “buy” rating and a $3.00 price objective for the company. Finally, HC Wainwright reiterated a “buy” rating and set a $3.00 price target on shares of Canaan in a research report on Friday, August 16th. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $3.38.

Canaan Stock Performance

The firm’s 50-day moving average price is $1.10 and its 200 day moving average price is $1.04. The company has a market cap of $447.49 million, a price-to-earnings ratio of -0.95 and a beta of 3.06. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.75 and a current ratio of 2.88.

Canaan (NASDAQ:CAN) last released its quarterly earnings data on Thursday, August 15th. The company reported ($0.15) earnings per share for the quarter, topping the consensus estimate of ($0.30) by $0.15. Canaan had a negative net margin of 158.65% and a negative return on equity of 59.66%. The business had revenue of $71.86 million for the quarter, compared to analyst estimates of $51.90 million. On average, sell-side analysts anticipate that Canaan Inc. will post -0.6 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the stock. Vanguard Personalized Indexing Management LLC acquired a new position in Canaan during the second quarter worth $34,000. XTX Topco Ltd acquired a new position in shares of Canaan in the second quarter valued at about $79,000. Farther Finance Advisors LLC grew its stake in shares of Canaan by 38.6% in the third quarter. Farther Finance Advisors LLC now owns 109,409 shares of the company’s stock valued at $111,000 after acquiring an additional 30,447 shares in the last quarter. Impact Partnership Wealth LLC grew its stake in shares of Canaan by 271.1% in the second quarter. Impact Partnership Wealth LLC now owns 125,990 shares of the company’s stock valued at $126,000 after acquiring an additional 92,038 shares in the last quarter. Finally, Susquehanna Fundamental Investments LLC bought a new stake in Canaan during the first quarter worth about $149,000. 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.