Canaan (NASDAQ:CAN) Shares Gap Up – Here’s Why

Canaan Inc. (NASDAQ:CAN) shares gapped up before the market opened on Tuesday . The stock had previously closed at $2.01, but opened at $2.39. Canaan shares last traded at $1.98, with a volume of 19,803,954 shares.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. Rosenblatt Securities lifted their target price on shares of Canaan from $3.00 to $4.00 and gave the company a “buy” rating in a report on Friday, December 6th. HC Wainwright reissued a “buy” rating and set a $3.00 price objective on shares of Canaan in a research report on Wednesday.

Canaan Stock Up 1.9 %

The business has a 50-day simple moving average of $2.16 and a two-hundred day simple moving average of $1.44. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.45 and a current ratio of 2.03.

Institutional Trading of Canaan

Several hedge funds have recently made changes to their positions in CAN. Commonwealth Equity Services LLC lifted its holdings in shares of Canaan by 20.4% in the 2nd quarter. Commonwealth Equity Services LLC now owns 215,372 shares of the company’s stock valued at $215,000 after buying an additional 36,422 shares during the period. Vanguard Personalized Indexing Management LLC purchased a new position in Canaan in the second quarter worth $34,000. XTX Topco Ltd purchased a new position in Canaan in the second quarter worth $79,000. Farther Finance Advisors LLC lifted its holdings 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 acquiring an additional 30,447 shares during the period. Finally, OVERSEA CHINESE BANKING Corp Ltd purchased a new stake in shares of Canaan during the 3rd quarter worth $556,000. Institutional investors and hedge funds own 70.14% of the company’s stock.

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.