Canaan (NASDAQ:CAN) Shares Down 4.9% – Here’s What Happened

Canaan Inc. (NASDAQ:CAN)’s stock price dropped 4.9% on Tuesday . The company traded as low as $2.87 and last traded at $2.94. Approximately 12,029,761 shares changed hands during mid-day trading, a decline of 1% from the average daily volume of 12,203,361 shares. The stock had previously closed at $3.09.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on CAN shares. B. Riley started coverage on shares of Canaan in a research report on Wednesday, September 18th. They set a “buy” rating and a $2.00 target price for the company. HC Wainwright reissued a “buy” rating and issued a $3.00 price objective on shares of Canaan in a report on Thursday, November 21st. Rosenblatt Securities raised their target price on Canaan from $3.00 to $4.00 and gave the stock a “buy” rating in a report on Friday, December 6th. Finally, Nomura Securities raised Canaan to a “hold” rating in a report on Monday, August 19th.

Canaan Stock Down 3.6 %

The business’s fifty day simple moving average is $1.63 and its two-hundred day simple moving average is $1.23. The company has a market cap of $839.11 million, a PE ratio of -2.14 and a beta of 3.24. The company has a debt-to-equity ratio of 0.08, a current ratio of 2.03 and a quick ratio of 1.45.

Institutional Trading of Canaan

Several institutional investors have recently bought and sold shares of the business. Van ECK Associates Corp lifted its position 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 valued at $9,761,000 after buying an additional 3,482,283 shares in the last quarter. State Street Corp raised its position in Canaan by 0.3% during the third 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 during the period. Prime Capital Investment Advisors LLC lifted its holdings in 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 purchasing an additional 42,774 shares in the last quarter. OVERSEA CHINESE BANKING Corp Ltd acquired a new stake in shares of Canaan in the third quarter valued at about $556,000. Finally, Quadrature Capital Ltd increased its stake in shares of Canaan by 329.4% during the third quarter. Quadrature Capital Ltd now owns 544,976 shares of the company’s stock worth $550,000 after purchasing an additional 418,052 shares in the last quarter. 70.14% of the stock is owned by institutional investors and hedge funds.

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.