Canaan (NASDAQ:CAN) Stock Price Down 3.6%

Canaan Inc. (NASDAQ:CANGet Rating)’s stock price fell 3.6% during mid-day trading on Tuesday . The stock traded as low as $3.98 and last traded at $4.01. 12,551 shares changed hands during mid-day trading, a decline of 100% from the average session volume of 5,046,076 shares. The stock had previously closed at $4.16.

Separately, DA Davidson began coverage on Canaan in a research note on Tuesday, April 5th. They issued a “buy” rating and a $15.00 price target for the company.

The firm has a market capitalization of $661.06 million, a P/E ratio of 2.46 and a beta of 3.97. The firm has a 50 day simple moving average of $5.20.

Several institutional investors have recently made changes to their positions in the company. BlackRock Inc. lifted its holdings in shares of Canaan by 10.0% in the third quarter. BlackRock Inc. now owns 1,753,814 shares of the company’s stock valued at $10,716,000 after buying an additional 160,010 shares during the period. Balyasny Asset Management LLC lifted its holdings in shares of Canaan by 407.5% during the third quarter. Balyasny Asset Management LLC now owns 1,706,212 shares of the company’s stock valued at $10,425,000 after purchasing an additional 1,370,026 shares during the last quarter. State Street Corp lifted its holdings in shares of Canaan by 99.8% during the fourth quarter. State Street Corp now owns 1,306,506 shares of the company’s stock valued at $6,729,000 after purchasing an additional 652,685 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Canaan by 177.5% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,056,341 shares of the company’s stock valued at $5,440,000 after purchasing an additional 675,743 shares during the last quarter. Finally, Exchange Traded Concepts LLC lifted its holdings in shares of Canaan by 122.2% during the fourth quarter. Exchange Traded Concepts LLC now owns 898,279 shares of the company’s stock valued at $4,626,000 after purchasing an additional 494,020 shares during the last quarter. Institutional investors and hedge funds own 14.60% of the company’s stock.

Canaan Company Profile (NASDAQ:CAN)

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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