Canaan (NASDAQ:CAN) Sees Strong Trading Volume – Should You Buy?

Canaan Inc. (NASDAQ:CAN) shares saw unusually-high trading volume on Wednesday . Approximately 11,119,336 shares changed hands 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.

Wall Street Analysts Forecast Growth

CAN has been the subject of a number of recent research reports. Rosenblatt Securities initiated coverage on shares of Canaan in a research note on Wednesday, September 11th. They set a “buy” rating and a $3.00 price objective for the company. B. Riley initiated coverage on shares of Canaan in a research note on Wednesday, September 18th. They set a “buy” rating and a $2.00 price objective for the company. Nomura Securities upgraded shares of Canaan to a “hold” rating in a research note on Monday, August 19th. Finally, HC Wainwright restated a “buy” rating and set a $3.00 price objective on shares of Canaan in a research note on Thursday, November 21st.

Canaan Price Performance

The firm has a market capitalization of $653.27 million, a price-to-earnings ratio of -1.81 and a beta of 3.24. The company’s 50 day moving average is $1.32 and its 200-day moving average is $1.12. 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

Several large investors have recently bought and sold shares of CAN. Vanguard Personalized Indexing Management LLC bought a new position in shares of Canaan during the second quarter worth approximately $34,000. XTX Topco Ltd bought a new position in shares of Canaan during the second quarter worth approximately $79,000. Virtu Financial LLC increased its holdings in shares of Canaan by 35.2% during the third quarter. Virtu Financial LLC now owns 103,394 shares of the company’s stock worth $104,000 after purchasing an additional 26,920 shares during the period. Farther Finance Advisors LLC increased its holdings in shares of Canaan by 38.6% during the third 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 during the period. Finally, Impact Partnership Wealth LLC increased its holdings in shares of Canaan by 271.1% during the second quarter. Impact Partnership Wealth LLC now owns 125,990 shares of the company’s stock worth $126,000 after purchasing an additional 92,038 shares during the period. 70.14% of the stock is owned by institutional investors.

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.