Canaan (NASDAQ:CAN) Shares Down 8.6% – Here’s What Happened

Canaan Inc. (NASDAQ:CAN) shares were down 8.6% during mid-day trading on Monday . The stock traded as low as $2.11 and last traded at $2.12. Approximately 4,484,220 shares traded hands during mid-day trading, a decline of 64% from the average daily volume of 12,324,560 shares. The stock had previously closed at $2.32.

Analyst Ratings Changes

Several brokerages have recently weighed in on CAN. B. Riley started coverage on shares of 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 price target on shares of Canaan in a report on Thursday, November 21st. Finally, Rosenblatt Securities upped their target price on shares of Canaan from $3.00 to $4.00 and gave the company a “buy” rating in a report on Friday, December 6th.

Canaan Trading Down 9.5 %

The stock has a market capitalization of $591.32 million, a price-to-earnings ratio of -1.56 and a beta of 3.24. The company has a debt-to-equity ratio of 0.08, a current ratio of 2.03 and a quick ratio of 1.45. The business’s 50-day simple moving average is $1.76 and its two-hundred day simple moving average is $1.27.

Institutional Trading of Canaan

Several large investors have recently modified their holdings of CAN. Van ECK Associates Corp increased its position in shares of Canaan by 55.4% in the 2nd quarter. Van ECK Associates Corp now owns 9,762,972 shares of the company’s stock worth $9,761,000 after purchasing an additional 3,482,283 shares during the last quarter. OVERSEA CHINESE BANKING Corp Ltd acquired a new stake in shares of Canaan during the third quarter worth $556,000. Quadrature Capital Ltd grew its position in shares of Canaan by 329.4% during the 3rd quarter. Quadrature Capital Ltd now owns 544,976 shares of the company’s stock valued at $550,000 after buying an additional 418,052 shares during the last quarter. XTX Topco Ltd lifted its holdings in Canaan by 193.3% in the third quarter. XTX Topco Ltd now owns 232,525 shares of the company’s stock worth $235,000 after acquiring an additional 153,255 shares during the last quarter. Finally, Impact Partnership Wealth LLC increased 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 purchasing an additional 92,038 shares during the period. 70.14% of the stock is currently owned by institutional investors and hedge funds.

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.