Canaan Target of Unusually High Options Trading (NASDAQ:CAN)

Canaan Inc. (NASDAQ:CAN) was the recipient of some unusual options trading on Tuesday. Investors acquired 11,805 call options on the stock. This represents an increase of approximately 84% compared to the average daily volume of 6,403 call options.

Analysts Set New Price Targets

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

Institutional Trading of Canaan

Several institutional investors and hedge funds have recently bought and sold shares of CAN. Quadrature Capital Ltd lifted its position in Canaan by 329.4% during the third 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 period. OVERSEA CHINESE BANKING Corp Ltd bought a new position in shares of Canaan in the 3rd quarter worth about $556,000. State Street Corp lifted its position in Canaan by 0.3% during the 3rd quarter. State Street Corp now owns 9,111,069 shares of the company’s stock valued at $9,202,000 after acquiring an additional 23,759 shares during the period. Commonwealth Equity Services LLC boosted its stake in Canaan by 20.4% during the second quarter. Commonwealth Equity Services LLC now owns 215,372 shares of the company’s stock worth $215,000 after acquiring an additional 36,422 shares in the last quarter. Finally, Farther Finance Advisors LLC grew its holdings in Canaan by 38.6% in the third quarter. Farther Finance Advisors LLC now owns 109,409 shares of the company’s stock worth $111,000 after purchasing an additional 30,447 shares during the period. 70.14% of the stock is currently owned by hedge funds and other institutional investors.

Canaan Trading Up 2.2 %

NASDAQ CAN traded up $0.05 during trading on Tuesday, hitting $2.06. The company had a trading volume of 35,672,606 shares, compared to its average volume of 16,730,066. The company’s fifty day moving average is $2.14 and its 200-day moving average is $1.42. Canaan has a one year low of $0.72 and a one year high of $3.27. 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 company has a market cap of $578.65 million, a price-to-earnings ratio of -1.53 and a beta of 3.27.

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.