Canaan (NASDAQ:CAN) Sees Unusually-High Trading Volume – What’s Next?

Canaan Inc. (NASDAQ:CAN) shares saw strong trading volume on Wednesday . 11,119,336 shares were traded during trading, a decline of 3% from the previous session’s volume of 11,509,039 shares.The stock last traded at $2.45 and had previously closed at $2.14.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the stock. B. Riley assumed coverage on shares of Canaan in a research note on Wednesday, September 18th. They set a “buy” rating and a $2.00 price target on the stock. Nomura Securities raised shares of Canaan to a “hold” rating in a research note on Monday, August 19th. Rosenblatt Securities assumed coverage on shares of Canaan in a research note on Wednesday, September 11th. They set a “buy” rating and a $3.00 price target on the stock. Finally, HC Wainwright reaffirmed a “buy” rating and set a $3.00 price target on shares of Canaan in a research note on Thursday, November 21st.

Canaan Stock Performance

The stock has a market capitalization of $633.56 million, a price-to-earnings ratio of -1.67 and a beta of 3.24. The stock’s 50 day moving average is $1.35 and its 200 day moving average is $1.13. 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 Investors Weigh In On Canaan

Several hedge funds have recently modified their holdings of the company. Baader Bank Aktiengesellschaft lifted its holdings in shares of Canaan by 54.0% during the 2nd quarter. Baader Bank Aktiengesellschaft now owns 825,876 shares of the company’s stock worth $824,000 after acquiring an additional 289,629 shares during the period. Commonwealth Equity Services LLC lifted its holdings in shares of Canaan by 20.4% during the 2nd quarter. Commonwealth Equity Services LLC now owns 215,372 shares of the company’s stock worth $215,000 after acquiring an additional 36,422 shares during the period. Van ECK Associates Corp lifted its holdings in shares of Canaan by 55.4% during the 2nd quarter. Van ECK Associates Corp now owns 9,762,972 shares of the company’s stock worth $9,761,000 after acquiring an additional 3,482,283 shares during the period. Impact Partnership Wealth LLC lifted its holdings in shares of Canaan by 271.1% during the 2nd quarter. Impact Partnership Wealth LLC now owns 125,990 shares of the company’s stock worth $126,000 after acquiring an additional 92,038 shares during the period. Finally, Vanguard Personalized Indexing Management LLC purchased a new position in Canaan in the second quarter valued at approximately $34,000. 70.14% of the stock is owned by institutional investors and hedge funds.

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.