Canaan (NASDAQ:CAN) Shares Up 10.3% – What’s Next?

Shares of Canaan Inc. (NASDAQ:CAN) traded up 10.3% on Friday . The company traded as high as $2.15 and last traded at $2.10. 4,450,890 shares changed hands during trading, a decline of 66% from the average session volume of 13,139,834 shares. The stock had previously closed at $1.90.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on CAN shares. Rosenblatt Securities boosted their target price on Canaan from $3.00 to $4.00 and gave the company a “buy” rating in a report on Friday, December 6th. HC Wainwright reissued a “buy” rating and set a $3.00 price target on shares of Canaan in a report on Thursday, November 21st.

Canaan Stock Performance

The firm has a fifty day simple moving average of $2.12 and a 200 day simple moving average of $1.40. 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 stock has a market cap of $629.33 million, a price-to-earnings ratio of -1.66 and a beta of 3.27.

Hedge Funds Weigh In On Canaan

Several institutional investors have recently bought and sold shares of the business. Vanguard Personalized Indexing Management LLC acquired a new stake in shares of Canaan during the second quarter worth about $34,000. XTX Topco Ltd acquired a new position in shares of Canaan during the 2nd quarter worth about $79,000. Old Port Advisors acquired a new stake in shares of Canaan in the fourth quarter valued at approximately $100,000. Virtu Financial LLC boosted its position in Canaan by 35.2% during the third quarter. Virtu Financial LLC now owns 103,394 shares of the company’s stock worth $104,000 after purchasing an additional 26,920 shares during the period. Finally, Farther Finance Advisors LLC grew its stake in 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 buying an additional 30,447 shares during the last quarter. 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.