Canaan Target of Unusually High Options Trading (NASDAQ:CAN)

Canaan Inc. (NASDAQ:CAN) was the recipient of some unusual options trading on Monday. Traders acquired 8,391 call options on the company. This represents an increase of 62% compared to the average volume of 5,182 call options.

Analyst Upgrades and Downgrades

CAN has been the topic of a number of research reports. B. Riley initiated coverage on Canaan in a report on Wednesday, September 18th. They issued a “buy” rating and a $2.00 price target on the stock. HC Wainwright restated a “buy” rating and set a $3.00 target price on shares of Canaan in a research report on Thursday, November 21st. Finally, Rosenblatt Securities increased their price target 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.

Institutional Investors Weigh In On Canaan

Several large investors have recently made changes to their positions in CAN. Virtu Financial LLC raised its holdings in shares of Canaan by 35.2% during the 3rd quarter. Virtu Financial LLC now owns 103,394 shares of the company’s stock valued at $104,000 after buying an additional 26,920 shares during the period. XTX Topco Ltd raised its stake in shares of Canaan by 193.3% during the third quarter. XTX Topco Ltd now owns 232,525 shares of the company’s stock valued at $235,000 after purchasing an additional 153,255 shares during the period. State Street Corp lifted its position in shares of Canaan by 0.3% during the third quarter. State Street Corp now owns 9,111,069 shares of the company’s stock worth $9,202,000 after purchasing an additional 23,759 shares in the last quarter. Quadrature Capital Ltd boosted its stake in shares of Canaan by 329.4% in the third quarter. Quadrature Capital Ltd now owns 544,976 shares of the company’s stock valued at $550,000 after purchasing an additional 418,052 shares during the period. Finally, Prime Capital Investment Advisors LLC grew its holdings in Canaan by 4.9% during the 3rd quarter. Prime Capital Investment Advisors LLC now owns 914,385 shares of the company’s stock valued at $924,000 after purchasing an additional 42,774 shares in the last quarter. Institutional investors and hedge funds own 70.14% of the company’s stock.

Canaan Stock Down 3.9 %

Shares of NASDAQ CAN opened at $2.97 on Wednesday. Canaan has a 52-week low of $0.72 and a 52-week high of $3.50. The stock has a market capitalization of $836.30 million, a PE ratio of -2.20 and a beta of 3.24. 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 fifty day moving average of $1.67 and a 200-day moving average of $1.24.

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.