Canaan (NASDAQ:CAN) Trading Down 4.1% – Should You Sell?

Canaan Inc. (NASDAQ:CAN) shares were down 4.1% during trading on Friday . The company traded as low as $1.72 and last traded at $1.75. Approximately 2,589,160 shares changed 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.

Analyst Upgrades and Downgrades

Several research firms recently commented on CAN. B. Riley initiated coverage on Canaan in a research note on Wednesday, September 18th. They issued a “buy” rating and a $2.00 price target on the stock. Rosenblatt Securities began coverage on Canaan in a report on Wednesday, September 11th. They issued a “buy” rating and a $3.00 price target on the stock. HC Wainwright reaffirmed a “buy” rating and issued a $3.00 target price on shares of Canaan in a research report on Thursday. Finally, Nomura Securities raised shares of Canaan to a “hold” rating in a report on Monday, August 19th. One analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $3.38.

Canaan Stock Performance

The company has a current ratio of 2.88, a quick ratio of 1.75 and a debt-to-equity ratio of 0.06. The company’s 50-day moving average price is $1.17 and its two-hundred day moving average price is $1.06. The company has a market cap of $594.14 million, a P/E ratio of -1.16 and a beta of 3.06.

Institutional Trading of Canaan

Hedge funds have recently made changes to their positions in the stock. Van ECK Associates Corp lifted its stake in shares of 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. State Street Corp grew its stake in Canaan by 0.3% in the 3rd quarter. State Street Corp now owns 9,111,069 shares of the company’s stock valued at $9,202,000 after buying an additional 23,759 shares during the last quarter. Prime Capital Investment Advisors LLC boosted its holdings in Canaan by 4.9% during the third quarter. Prime Capital Investment Advisors LLC now owns 914,385 shares of the company’s stock valued at $924,000 after acquiring an additional 42,774 shares during the period. Baader Bank Aktiengesellschaft grew its position in shares of Canaan by 54.0% in the second quarter. Baader Bank Aktiengesellschaft now owns 825,876 shares of the company’s stock valued at $824,000 after purchasing an additional 289,629 shares during the last quarter. Finally, SRN Advisors LLC boosted its stake in Canaan by 4.9% during the 1st quarter. SRN Advisors LLC now owns 739,303 shares of the company’s stock valued at $1,124,000 after purchasing an additional 34,382 shares during the period. 70.14% of the stock is 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.