Canaan (NASDAQ:CAN) Shares Gap Up – Should You Buy?

Canaan Inc. (NASDAQ:CAN)’s stock price gapped up prior to trading on Thursday . The stock had previously closed at $2.31, but opened at $2.49. Canaan shares last traded at $2.40, with a volume of 10,343,539 shares trading hands.

Analysts Set New Price Targets

Several research firms recently commented on CAN. B. Riley began coverage on Canaan in a report on Wednesday, September 18th. They issued a “buy” rating and a $2.00 target price on the stock. Nomura Securities upgraded shares of Canaan to a “hold” rating in a research note on Monday, August 19th. Rosenblatt Securities began coverage on shares of Canaan in a research note on Wednesday, September 11th. They issued a “buy” rating and a $3.00 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 note on Thursday, November 21st.

Canaan Stock Up 1.3 %

The company has a market capitalization of $658.90 million, a price-to-earnings ratio of -1.81 and a beta of 3.24. 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 firm’s 50 day simple moving average is $1.35 and its 200-day simple moving average is $1.13.

Hedge Funds Weigh In On Canaan

Several institutional investors and hedge funds have recently added to or reduced their stakes in CAN. Van ECK Associates Corp increased its holdings in Canaan by 55.4% in the second quarter. Van ECK Associates Corp now owns 9,762,972 shares of the company’s stock valued at $9,761,000 after buying an additional 3,482,283 shares in the last quarter. State Street Corp raised its holdings in Canaan by 0.3% during the third quarter. State Street Corp now owns 9,111,069 shares of the company’s stock worth $9,202,000 after purchasing an additional 23,759 shares during the last quarter. Prime Capital Investment Advisors LLC boosted its position in Canaan by 4.9% during the third quarter. Prime Capital Investment Advisors LLC now owns 914,385 shares of the company’s stock worth $924,000 after purchasing an additional 42,774 shares in the last quarter. Baader Bank Aktiengesellschaft grew its holdings in 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, OVERSEA CHINESE BANKING Corp Ltd acquired a new stake in Canaan in the third quarter valued at $556,000. Institutional investors and hedge funds own 70.14% of the company’s stock.

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.