Canaan (NASDAQ:CAN) Shares Gap Up – Here’s What Happened

Canaan Inc. (NASDAQ:CAN)’s stock price gapped up before the market opened on Monday . The stock had previously closed at $1.26, but opened at $1.44. Canaan shares last traded at $1.73, with a volume of 17,192,910 shares trading hands.

Analyst Ratings Changes

CAN has been the topic of a number of research reports. Nomura Securities upgraded Canaan to a “hold” rating in a report on Monday, August 19th. HC Wainwright restated a “buy” rating and issued a $3.00 price objective on shares of Canaan in a report on Friday, August 16th. B. Riley initiated coverage on Canaan in a report on Wednesday, September 18th. They issued a “buy” rating and a $2.00 price objective on the stock. Finally, Rosenblatt Securities initiated coverage on Canaan in a report on Wednesday, September 11th. They issued a “buy” rating and a $3.00 price objective on the stock. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, Canaan presently has a consensus rating of “Moderate Buy” and an average target price of $3.38.

Canaan Trading Down 7.3 %

The company has a quick ratio of 1.75, a current ratio of 2.88 and a debt-to-equity ratio of 0.06. The stock has a fifty day moving average price of $1.08 and a 200-day moving average price of $1.03.

Canaan (NASDAQ:CAN) last posted its earnings results on Thursday, August 15th. The company reported ($0.15) EPS for the quarter, topping analysts’ consensus estimates of ($0.30) by $0.15. Canaan had a negative return on equity of 59.66% and a negative net margin of 158.65%. The company had revenue of $71.86 million for the quarter, compared to the consensus estimate of $51.90 million. Equities analysts predict that Canaan Inc. will post -0.6 earnings per share for the current year.

Institutional Investors Weigh In On Canaan

Large investors have recently modified their holdings of the stock. Quadrature Capital Ltd increased its position in Canaan by 323.3% in the 1st quarter. Quadrature Capital Ltd now owns 280,686 shares of the company’s stock valued at $422,000 after acquiring an additional 214,384 shares during the period. Van ECK Associates Corp boosted its position in shares of Canaan by 55.4% in the second quarter. Van ECK Associates Corp now owns 9,762,972 shares of the company’s stock worth $9,761,000 after buying an additional 3,482,283 shares during the period. SRN Advisors LLC boosted its position in shares of Canaan by 4.9% in the first quarter. SRN Advisors LLC now owns 739,303 shares of the company’s stock worth $1,124,000 after buying an additional 34,382 shares during the period. Commonwealth Equity Services LLC boosted its position in shares of Canaan by 20.4% in the second quarter. Commonwealth Equity Services LLC now owns 215,372 shares of the company’s stock worth $215,000 after buying an additional 36,422 shares during the period. Finally, Farther Finance Advisors LLC boosted its position in Canaan by 38.6% during the third quarter. Farther Finance Advisors LLC now owns 109,409 shares of the company’s stock valued at $111,000 after purchasing an additional 30,447 shares during the last quarter. Institutional investors and hedge funds own 70.14% of the company’s stock.

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.