Canaan (NASDAQ:CAN) Trading Down 7.5% – Should You Sell?

Canaan Inc. (NASDAQ:CAN) shares fell 7.5% on Wednesday . The company traded as low as $1.95 and last traded at $1.96. 3,960,773 shares traded hands during mid-day trading, a decline of 75% from the average session volume of 16,095,119 shares. The stock had previously closed at $2.12.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on CAN. B. Riley assumed coverage on shares of Canaan in a research report on Wednesday, September 18th. They set a “buy” rating and a $2.00 price target on the stock. HC Wainwright reissued a “buy” rating and set a $3.00 price target on shares of Canaan in a research report on Thursday, November 21st. Finally, Rosenblatt Securities raised their price target on shares of Canaan from $3.00 to $4.00 and gave the company a “buy” rating in a research report on Friday, December 6th.

Canaan Price Performance

The company has a debt-to-equity ratio of 0.08, a current ratio of 2.03 and a quick ratio of 1.45. The stock’s 50 day moving average is $2.07 and its two-hundred day moving average is $1.37. The stock has a market capitalization of $546.27 million, a PE ratio of -1.44 and a beta of 3.27.

Hedge Funds Weigh In On Canaan

Hedge funds have recently made changes to their positions in the company. Vanguard Personalized Indexing Management LLC acquired a new position in Canaan during the second quarter worth approximately $34,000. XTX Topco Ltd purchased a new position in Canaan during the 2nd quarter worth $79,000. Old Port Advisors purchased a new position in Canaan during the 4th quarter worth $100,000. Virtu Financial LLC increased its stake in Canaan by 35.2% in the third quarter. Virtu Financial LLC now owns 103,394 shares of the company’s stock valued at $104,000 after purchasing an additional 26,920 shares during the period. Finally, Farther Finance Advisors LLC lifted its holdings in shares of Canaan by 38.6% during 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. Hedge funds and other institutional investors own 70.14% of the company’s stock.

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.