Canaan (NASDAQ:CAN) Trading Down 3.8% – Time to Sell?

Canaan Inc. (NASDAQ:CAN) shares fell 3.8% on Tuesday . The company traded as low as $1.90 and last traded at $1.90. 5,281,925 shares traded hands during mid-day trading, a decline of 70% from the average session volume of 17,697,684 shares. The stock had previously closed at $1.97.

Analyst Upgrades and Downgrades

CAN has been the subject of a number of analyst reports. HC Wainwright reiterated a “buy” rating and set a $3.00 price target on shares of Canaan in a research note on Wednesday, January 22nd. Rosenblatt Securities upped their price target on Canaan from $3.00 to $4.00 and gave the stock a “buy” rating in a report on Friday, December 6th.

Canaan Stock Performance

The company’s 50-day simple moving average is $2.21 and its 200 day simple moving average is $1.49. The stock has a market cap of $516.14 million, a P/E ratio of -1.37 and a beta of 3.26. 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 and other institutional investors have recently added to or reduced their stakes in CAN. Old Port Advisors purchased a new position in shares of Canaan in the fourth quarter worth about $100,000. Private Advisor Group LLC bought a new position in shares of Canaan in the fourth quarter worth $102,000. Virtu Financial LLC raised its stake in shares of Canaan by 35.2% during the 3rd 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. Farther Finance Advisors LLC lifted its holdings in 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 in the last quarter. Finally, IFP Advisors Inc boosted its stake in Canaan by 4,234.0% in the 4th quarter. IFP Advisors Inc now owns 76,105 shares of the company’s stock worth $156,000 after purchasing an additional 74,349 shares during the period. 70.14% of the stock is currently owned by hedge funds and other institutional investors.

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.