Canaan (NASDAQ:CAN) Shares Up 14.1% – Still a Buy?

Canaan Inc. (NASDAQ:CAN) shares traded up 14.1% during trading on Thursday . The stock traded as high as $2.39 and last traded at $2.34. 8,154,875 shares were traded during trading, a decline of 35% from the average session volume of 12,458,802 shares. The stock had previously closed at $2.05.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on CAN. B. Riley started coverage on shares of Canaan in a research note on Wednesday, September 18th. They set a “buy” rating and a $2.00 price target on the stock. Rosenblatt Securities lifted 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. Finally, HC Wainwright restated 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 10.2 %

The business’s fifty day moving average price is $1.95 and its 200 day moving average price is $1.33. The firm has a market capitalization of $636.38 million, a price-to-earnings ratio of -1.67 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.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Quadrature Capital Ltd grew its stake in Canaan by 329.4% in the 3rd quarter. Quadrature Capital Ltd now owns 544,976 shares of the company’s stock valued at $550,000 after acquiring an additional 418,052 shares during the last quarter. OVERSEA CHINESE BANKING Corp Ltd acquired a new stake in shares of Canaan in the third quarter valued at approximately $556,000. State Street Corp grew its position in shares of Canaan by 0.3% in the third 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 during the last quarter. Commonwealth Equity Services LLC increased its stake in shares of Canaan by 20.4% during the 2nd 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. Finally, Farther Finance Advisors LLC raised its position in shares of Canaan by 38.6% during the 3rd 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 last quarter. 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.