Canaan (NASDAQ:CAN) Trading Down 4.9% – Should You Sell?

Shares of Canaan Inc. (NASDAQ:CAN) traded down 4.9% on Tuesday . The company traded as low as $2.87 and last traded at $2.94. 12,029,761 shares were traded during trading, a decline of 1% from the average session volume of 12,203,361 shares. The stock had previously closed at $3.09.

Analyst Ratings Changes

A number of brokerages have commented on CAN. B. Riley began coverage on shares of Canaan in a report on Wednesday, September 18th. They issued a “buy” rating and a $2.00 target price for the company. Nomura Securities upgraded shares of Canaan to a “hold” rating in a research note on Monday, August 19th. Rosenblatt Securities increased their target price on shares of Canaan from $3.00 to $4.00 and gave the company a “buy” rating in a research report on Friday, December 6th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $3.00 price target on shares of Canaan in a report on Thursday, November 21st.

Canaan Price Performance

The company has a quick ratio of 1.45, a current ratio of 2.03 and a debt-to-equity ratio of 0.08. The firm has a market cap of $839.11 million, a PE ratio of -2.14 and a beta of 3.24. The stock has a 50 day moving average price of $1.63 and a two-hundred day moving average price of $1.23.

Institutional Investors Weigh In On Canaan

Several institutional investors and hedge funds have recently made changes to their positions in CAN. Quadrature Capital Ltd raised its stake in Canaan by 329.4% in the 3rd quarter. Quadrature Capital Ltd now owns 544,976 shares of the company’s stock worth $550,000 after acquiring an additional 418,052 shares during the last quarter. OVERSEA CHINESE BANKING Corp Ltd acquired a new position in shares of Canaan in the third quarter valued at about $556,000. Van ECK Associates Corp raised its stake in shares of Canaan by 55.4% in the second quarter. Van ECK Associates Corp now owns 9,762,972 shares of the company’s stock worth $9,761,000 after purchasing an additional 3,482,283 shares during the last quarter. Commonwealth Equity Services LLC lifted its holdings in shares of Canaan by 20.4% during the second quarter. Commonwealth Equity Services LLC now owns 215,372 shares of the company’s stock worth $215,000 after purchasing an additional 36,422 shares during the period. Finally, Farther Finance Advisors LLC boosted its position 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 buying an additional 30,447 shares during the last quarter. 70.14% of the stock is currently 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.