Canaan (NASDAQ:CAN) Trading Down 4.1% – Time to Sell?

Canaan Inc. (NASDAQ:CAN) was down 4.1% during mid-day trading on Friday . The company traded as low as $1.72 and last traded at $1.75. Approximately 2,589,160 shares traded hands during trading, a decline of 77% from the average daily volume of 11,143,796 shares. The stock had previously closed at $1.82.

Wall Street Analyst Weigh In

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

Canaan Price Performance

The stock has a market cap of $595.64 million, a price-to-earnings ratio of -1.46 and a beta of 3.06. The company has a current ratio of 2.03, a quick ratio of 1.75 and a debt-to-equity ratio of 0.08. The stock has a 50-day moving average price of $1.19 and a two-hundred day moving average price of $1.07.

Hedge Funds Weigh In On Canaan

Hedge funds have recently made changes to their positions in the company. Vanguard Personalized Indexing Management LLC purchased a new stake in Canaan in the second quarter valued at approximately $34,000. XTX Topco Ltd purchased a new stake in Canaan in the second quarter valued at $79,000. Virtu Financial LLC grew its position in Canaan by 35.2% during the 3rd 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. Farther Finance Advisors LLC raised its stake in shares of Canaan by 38.6% during 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. Finally, Impact Partnership Wealth LLC lifted its holdings in shares of Canaan by 271.1% in the 2nd quarter. Impact Partnership Wealth LLC now owns 125,990 shares of the company’s stock valued at $126,000 after buying an additional 92,038 shares during the period. 70.14% of the stock is 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.