Canaan (NASDAQ:CAN) Shares Gap Up – Here’s Why

Canaan Inc. (NASDAQ:CAN)’s share price gapped up before the market opened on Tuesday . The stock had previously closed at $2.22, but opened at $2.29. Canaan shares last traded at $2.22, with a volume of 2,858,737 shares traded.

Analyst Upgrades and Downgrades

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

Canaan Price Performance

The company has a market cap of $605.40 million, a P/E ratio of -1.59 and a beta of 3.24. The business’s fifty day moving average is $1.91 and its 200 day moving average is $1.32. The company has a current ratio of 2.03, a quick ratio of 1.45 and a debt-to-equity ratio of 0.08.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in CAN. Van ECK Associates Corp raised its stake in shares of Canaan by 55.4% during the second quarter. Van ECK Associates Corp now owns 9,762,972 shares of the company’s stock worth $9,761,000 after acquiring an additional 3,482,283 shares in the last quarter. OVERSEA CHINESE BANKING Corp Ltd purchased a new stake in Canaan in the third quarter worth $556,000. Quadrature Capital Ltd increased its stake in shares of Canaan by 329.4% in the 3rd quarter. Quadrature Capital Ltd now owns 544,976 shares of the company’s stock worth $550,000 after acquiring an additional 418,052 shares in the last quarter. XTX Topco Ltd increased its stake in Canaan by 193.3% during the 3rd quarter. XTX Topco Ltd now owns 232,525 shares of the company’s stock valued at $235,000 after purchasing an additional 153,255 shares in the last quarter. Finally, Impact Partnership Wealth LLC lifted 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 worth $126,000 after buying an additional 92,038 shares in the last quarter. 70.14% of the stock is currently owned by hedge funds and other institutional investors.

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.