Canaan (NASDAQ:CAN) Shares Gap Down – Should You Sell?

Shares of Canaan Inc. (NASDAQ:CAN) gapped down before the market opened on Monday . The stock had previously closed at $2.23, but opened at $2.11. Canaan shares last traded at $2.07, with a volume of 3,863,290 shares.

Analyst Upgrades and Downgrades

CAN has been the topic of several research reports. B. Riley began coverage on Canaan in a research note on Wednesday, September 18th. They set a “buy” rating and a $2.00 price objective on the stock. Rosenblatt Securities increased their price target on Canaan from $3.00 to $4.00 and gave the stock a “buy” rating in a research report on Friday, December 6th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $3.00 target price on shares of Canaan in a research report on Thursday, November 21st.

Canaan Price Performance

The stock has a market capitalization of $602.59 million, a price-to-earnings ratio of -1.59 and a beta of 3.24. The business has a 50-day simple moving average of $1.88 and a two-hundred day simple moving average of $1.31. The company has a quick ratio of 1.45, a current ratio of 2.03 and a debt-to-equity ratio of 0.08.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of CAN. Quadrature Capital Ltd lifted 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 worth $550,000 after buying an additional 418,052 shares during the period. OVERSEA CHINESE BANKING Corp Ltd acquired a new position in shares of Canaan in the 3rd quarter worth approximately $556,000. State Street Corp increased its holdings 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 purchasing an additional 23,759 shares in the last quarter. Van ECK Associates Corp raised its position in Canaan by 55.4% in the 2nd quarter. Van ECK Associates Corp now owns 9,762,972 shares of the company’s stock valued at $9,761,000 after purchasing an additional 3,482,283 shares during the last quarter. Finally, Commonwealth Equity Services LLC boosted its stake in Canaan by 20.4% in the second quarter. Commonwealth Equity Services LLC now owns 215,372 shares of the company’s stock worth $215,000 after purchasing an additional 36,422 shares in the last quarter. Institutional investors and hedge funds own 70.14% of the company’s stock.

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.