Canaan (NASDAQ:CAN) Stock Price Up 15.8% – What’s Next?

Canaan Inc. (NASDAQ:CAN) shares were up 15.8% during trading on Wednesday . The stock traded as high as $1.92 and last traded at $1.91. Approximately 4,243,047 shares were traded during mid-day trading, a decline of 61% from the average daily volume of 10,829,690 shares. The stock had previously closed at $1.65.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the company. B. Riley assumed coverage on Canaan in a research report on Wednesday, September 18th. They set a “buy” rating and a $2.00 target price on the stock. Rosenblatt Securities assumed coverage on Canaan in a report on Wednesday, September 11th. They issued a “buy” rating and a $3.00 price objective on the stock. Nomura Securities upgraded Canaan to a “hold” rating in a research note on Monday, August 19th. Finally, HC Wainwright reiterated a “buy” rating and set a $3.00 price target on shares of Canaan in a research report on Friday, August 16th. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $3.38.

Canaan Stock Down 6.1 %

The business has a 50 day moving average price of $1.08 and a 200-day moving average price of $1.03. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.75 and a current ratio of 2.88.

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

Institutional Investors Weigh In On Canaan

Several hedge funds have recently made changes to their positions in the business. Farther Finance Advisors LLC raised its position in Canaan by 38.6% in 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 period. Vanguard Personalized Indexing Management LLC acquired a new stake in shares of Canaan during the second quarter valued at about $34,000. SRN Advisors LLC grew its stake in shares of Canaan by 4.9% during the first quarter. SRN Advisors LLC now owns 739,303 shares of the company’s stock valued at $1,124,000 after acquiring an additional 34,382 shares in the last quarter. Commonwealth Equity Services LLC grew its stake in shares of Canaan by 20.4% during the second quarter. Commonwealth Equity Services LLC now owns 215,372 shares of the company’s stock valued at $215,000 after acquiring an additional 36,422 shares in the last quarter. Finally, Prime Capital Investment Advisors LLC grew its stake in shares of Canaan by 4.9% during the third quarter. Prime Capital Investment Advisors LLC now owns 914,385 shares of the company’s stock valued at $924,000 after acquiring an additional 42,774 shares in 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.