Canaan (NASDAQ:CAN) Shares Gap Down – Time to Sell?

Canaan Inc. (NASDAQ:CAN)’s stock price gapped down before the market opened on Monday . The stock had previously closed at $1.94, but opened at $1.79. Canaan shares last traded at $1.78, with a volume of 6,951,330 shares traded.

Wall Street Analysts Forecast Growth

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

Canaan Stock Up 7.8 %

The company has a market cap of $546.27 million, a PE ratio of -1.44 and a beta of 3.27. The stock has a 50-day moving average of $2.10 and a 200-day moving average of $1.40. The company has a quick ratio of 1.45, a current ratio of 2.03 and a debt-to-equity ratio of 0.08.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of CAN. Vanguard Personalized Indexing Management LLC purchased a new position in Canaan in the 2nd quarter worth approximately $34,000. XTX Topco Ltd purchased a new position in Canaan in the second quarter worth $79,000. Old Port Advisors bought a new position in Canaan in the fourth quarter valued at $100,000. Virtu Financial LLC raised its position in Canaan by 35.2% during the third quarter. Virtu Financial LLC now owns 103,394 shares of the company’s stock valued at $104,000 after purchasing an additional 26,920 shares in the last quarter. Finally, Farther Finance Advisors LLC lifted its stake in 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 last quarter. Hedge funds and other institutional investors 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.