Canaan (NASDAQ:CAN) Trading Up 8.9%

Canaan Inc. (NASDAQ:CANGet Rating)’s stock price was up 8.9% during mid-day trading on Tuesday . The company traded as high as $3.44 and last traded at $3.44. Approximately 44,753 shares were traded during trading, a decline of 98% from the average daily volume of 2,744,086 shares. The stock had previously closed at $3.16.

A number of analysts recently issued reports on CAN shares. DA Davidson decreased their price objective on Canaan from $15.00 to $10.00 in a research note on Monday, May 16th. Benchmark assumed coverage on Canaan in a research note on Tuesday, June 7th. They set a “buy” rating and a $9.00 price objective on the stock.

The business has a fifty day moving average price of $3.59 and a 200-day moving average price of $4.61. The stock has a market capitalization of $639.33 million, a PE ratio of 1.65 and a beta of 3.95.

Institutional investors and hedge funds have recently bought and sold shares of the company. New York State Common Retirement Fund purchased a new stake in Canaan during the 1st quarter valued at about $32,000. Bank of America Corp DE boosted its holdings in Canaan by 185.8% during the 1st quarter. Bank of America Corp DE now owns 6,334 shares of the company’s stock valued at $35,000 after acquiring an additional 4,118 shares during the period. Itau Unibanco Holding S.A. purchased a new stake in Canaan during the 4th quarter valued at about $40,000. UBS Group AG boosted its holdings in Canaan by 130.1% during the 3rd quarter. UBS Group AG now owns 6,565 shares of the company’s stock valued at $41,000 after acquiring an additional 28,387 shares during the period. Finally, Raymond James Financial Services Advisors Inc. purchased a new stake in Canaan during the 1st quarter valued at about $55,000. Hedge funds and other institutional investors own 13.77% of the company’s stock.

Canaan Company Profile (NASDAQ:CAN)

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 primarily in the People's Republic of China. It is also involved in the assembly and distribution of mining equipment and spare parts.

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