Canaan (NASDAQ:CAN) Stock Price Up 13.7% – Here’s Why

Canaan Inc. (NASDAQ:CAN) was up 13.7% during mid-day trading on Thursday . The company traded as high as $2.05 and last traded at $2.12. Approximately 1,780,229 shares changed hands during mid-day trading, a decline of 89% from the average daily volume of 16,868,553 shares. The stock had previously closed at $1.86.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the company. HC Wainwright restated a “buy” rating and set a $3.00 price target on shares of Canaan in a research note on Wednesday, January 22nd. Rosenblatt Securities raised their target price on Canaan from $3.00 to $4.00 and gave the company a “buy” rating in a report on Friday, December 6th.

Canaan Trading Up 17.5 %

The company’s 50 day simple moving average is $2.21 and its 200 day simple moving average is $1.47. 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 firm has a market cap of $615.25 million, a price-to-earnings ratio of -1.60 and a beta of 3.27.

Institutional Trading of Canaan

Large investors have recently made changes to their positions in the company. State Street Corp raised its position in shares of Canaan by 0.3% during the 3rd quarter. State Street Corp now owns 9,111,069 shares of the company’s stock worth $9,202,000 after acquiring an additional 23,759 shares in the last quarter. Virtu Financial LLC raised its holdings 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 in the last quarter. Farther Finance Advisors LLC lifted 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 buying an additional 30,447 shares during the last quarter. Vanguard Personalized Indexing Management LLC purchased a new stake in shares of Canaan during the 2nd quarter worth approximately $34,000. Finally, Prime Capital Investment Advisors LLC boosted its holdings in shares of Canaan by 4.9% in the 3rd quarter. Prime Capital Investment Advisors LLC now owns 914,385 shares of the company’s stock valued at $924,000 after buying an additional 42,774 shares in the last quarter. 70.14% of the stock is currently 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.