Zacks Investment Research Downgrades Canaan (NASDAQ:CAN) to Sell

Canaan (NASDAQ:CANGet Rating) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Tuesday, Zacks.com reports.

According to Zacks, “Canaan Inc. provides specialty software. The Company develops supercomputing chips for digital blockchain computing equipment, as well as supplies computer software and hardware products. Canaan Inc. is based in Hangzhou, China. “

Other research analysts have also recently issued research reports about the stock. Benchmark assumed coverage on shares of Canaan in a report on Tuesday. They issued a “buy” rating for the company. DA Davidson dropped their target price on shares of Canaan from $15.00 to $10.00 in a report on Monday, May 16th.

Shares of CAN stock traded up $0.05 on Tuesday, reaching $3.81. The company had a trading volume of 1,853,462 shares, compared to its average volume of 4,859,685. The stock has a market capitalization of $712.25 million, a PE ratio of 1.81 and a beta of 3.95. Canaan has a one year low of $2.56 and a one year high of $11.19. The business’s 50-day moving average is $4.03 and its 200 day moving average is $4.96.

A number of hedge funds and other institutional investors have recently modified their holdings of CAN. Balyasny Asset Management LLC raised its holdings in Canaan by 407.5% during the 3rd quarter. Balyasny Asset Management LLC now owns 1,706,212 shares of the company’s stock worth $10,425,000 after purchasing an additional 1,370,026 shares during the last quarter. Invesco Ltd. raised its holdings in Canaan by 49.2% during the 1st quarter. Invesco Ltd. now owns 2,894,464 shares of the company’s stock worth $15,717,000 after purchasing an additional 954,400 shares during the last quarter. Millennium Management LLC bought a new position in Canaan during the 4th quarter worth approximately $4,181,000. Mirae Asset Global Investments Co. Ltd. raised its holdings in Canaan by 177.5% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,056,341 shares of the company’s stock worth $5,440,000 after purchasing an additional 675,743 shares during the last quarter. Finally, State Street Corp raised its holdings in Canaan by 99.8% during the 4th quarter. State Street Corp now owns 1,306,506 shares of the company’s stock worth $6,729,000 after purchasing an additional 652,685 shares during the last quarter. Institutional investors and hedge funds own 13.77% of the company’s stock.

About Canaan (Get Rating)

Canaan Inc engages in the research, design, and sale of integrated circuit (IC) final system products by integrating IC products for bitcoin mining and related components primarily in the People's Republic of China. It is also involved in the assembly of system products; and supply chain and distribution of system products.

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