Canaan (NASDAQ:CAN) Shares Down 7.3%

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Shares of Canaan Inc. (NASDAQ:CAN) were down 7.3% on Wednesday . The company traded as low as $5.03 and last traded at $5.24. Approximately 8,436,045 shares traded hands during trading, a decline of 53% from the average daily volume of 17,794,432 shares. The stock had previously closed at $5.65.

A number of analysts recently weighed in on CAN shares. BidaskClub upgraded shares of Canaan from a “hold” rating to a “buy” rating in a research note on Wednesday, January 6th. ValuEngine lowered shares of Canaan from a “buy” rating to a “hold” rating in a research note on Tuesday, January 5th.

The firm has a market cap of $820.98 million, a price-to-earnings ratio of 8.32 and a beta of 4.05. The business has a 50 day moving average of $4.80 and a 200 day moving average of $3.41.

Canaan (NASDAQ:CAN) last issued its quarterly earnings results on Monday, November 30th. The company reported ($0.08) earnings per share (EPS) for the quarter. The business had revenue of $24.01 million during the quarter.

Large investors have recently modified their holdings of the business. Point72 Asset Management L.P. purchased a new stake in shares of Canaan during the 3rd quarter valued at about $1,122,000. Paloma Partners Management Co increased its holdings in Canaan by 26.9% during the 3rd quarter. Paloma Partners Management Co now owns 49,114 shares of the company’s stock worth $92,000 after purchasing an additional 10,410 shares during the last quarter. UBS Group AG purchased a new stake in Canaan during the 2nd quarter worth approximately $78,000. Finally, Squarepoint Ops LLC bought a new stake in shares of Canaan in the 3rd quarter valued at approximately $84,000. 4.10% of the stock is currently owned by hedge funds and other institutional investors.

About Canaan (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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