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

Shares of Canaan Inc. (NASDAQ:CAN) gapped down before the market opened on Wednesday . The stock had previously closed at $2.97, but opened at $2.90. Canaan shares last traded at $2.88, with a volume of 1,944,210 shares traded.

Analyst Ratings Changes

Several equities research analysts have commented on the company. Rosenblatt Securities boosted their target price 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 issued a “buy” rating and a $2.00 price objective on the stock. Finally, HC Wainwright restated a “buy” rating and set a $3.00 price objective on shares of Canaan in a report on Thursday, November 21st.

Canaan Trading Down 0.3 %

The firm has a 50 day moving average of $1.67 and a 200-day moving average of $1.24. The company has a quick ratio of 1.45, a current ratio of 2.03 and a debt-to-equity ratio of 0.08. The firm has a market capitalization of $833.48 million, a P/E ratio of -2.20 and a beta of 3.24.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in CAN. Vanguard Personalized Indexing Management LLC bought a new position in Canaan in the second quarter valued at about $34,000. XTX Topco Ltd acquired a new stake in shares of Canaan during the second quarter worth $79,000. Virtu Financial LLC grew its stake in Canaan by 35.2% during the third 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 grew its holdings in Canaan by 38.6% in the third quarter. Farther Finance Advisors LLC now owns 109,409 shares of the company’s stock worth $111,000 after purchasing an additional 30,447 shares during the period. Finally, Impact Partnership Wealth LLC grew its stake in Canaan by 271.1% in the second quarter. Impact Partnership Wealth LLC now owns 125,990 shares of the company’s stock valued at $126,000 after acquiring an additional 92,038 shares during the period. 70.14% of the stock is currently 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.