Canaan (NASDAQ:CAN) Trading Down 4.9% - Here's What Happened

On Tuesday, shares of Canaan Inc. (NASDAQ:CAN) saw a decrease of 4.9%, closing at $2.94 after hitting a low of $2.87 during the trading session. A total of 12,029,761 shares changed hands, which is slightly lower than the average trading volume of 12,203,361 shares. The stock's previous closing price was $3.09.

Recent Analyst Ratings

Several brokerages have provided insights regarding Canaan's stock. Recently, B. Riley initiated coverage on Canaan, giving it a "buy" rating with a target price of $2.00 on September 18th. On August 19th, Nomura Securities upgraded the stock to a "hold" rating. Meanwhile, Rosenblatt Securities raised their price target from $3.00 to $4.00 and maintained a "buy" rating on December 6th. Additionally, HC Wainwright confirmed a "buy" rating with a $3.00 price target in a report published on November 21st.

Price Performance for Canaan

Canaan has reported a quick ratio of 1.45, a current ratio of 2.03, and a debt-to-equity ratio of 0.08. The company's market capitalization stands at $839.11 million, with a price-to-earnings ratio of -2.14, indicating losses. Its stock has seen a 50-day moving average price of $1.63 and a 200-day moving average price of $1.23.

Institutional Investment Trends

Recent changes in positions by institutional investors and hedge funds indicate increased interest in Canaan. Quadrature Capital Ltd raised its stake significantly by 329.4% in the third quarter, now holding 544,976 shares valued at approximately $550,000 after purchasing an additional 418,052 shares. OVERSEA CHINESE BANKING Corp Ltd also entered a new position with a valuation of about $556,000. In the second quarter, Van ECK Associates Corp increased its stake by 55.4%, amassing a total of 9,762,972 shares worth $9,761,000 after acquiring 3,482,283 shares. Commonwealth Equity Services LLC added to its holdings by 20.4%, owning 215,372 shares valued at $215,000 after an additional purchase of 36,422 shares. Farther Finance Advisors LLC boosted its position by 38.6% in the third quarter, owning 109,409 shares valued at $111,000. Overall, institutional investors and hedge funds control about 70.14% of Canaan's shares.

Company Overview

Canaan Inc. focuses on the research, design, and sale of integrated circuit (IC) products specifically for bitcoin mining. The company integrates these IC products into mining equipment and is involved in the assembly and distribution of this equipment along with spare parts within the People's Republic of China.

Investment Considerations

If you are considering investing, note that Canaan has a "Moderate Buy" rating, but top analysts recommend looking into five other stocks that may present better investment opportunities.

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Canaan, Stocks, Investment