Canaan (LON:CAN) Shares Down 0.8% - What's Next?

Key Points

• Canaan Inc's stock price declined by 0.8%, trading at GBX 233.70 ($3.13) with a significant drop in volume compared to its average session.
• Deutsche Bank has raised its price target for Canaan shares from GBX 270 to GBX 300, maintaining a "buy" rating amidst a consensus rating of "Buy" from analysts.
• Insider Anna Marsh purchased 15,000 shares at an average cost of GBX 248 per share, indicating confidence in the company's prospects.

Canaan Inc (LON:CAN - Get Free Report)'s stock price fell 0.8% during mid-day trading on Wednesday . The stock traded as low as GBX 232.60 ($3.12) and last traded at GBX 233.70 ($3.13). 722,235 shares traded hands during mid-day trading, a decline of 83% from the average session volume of 4,335,635 shares. The stock had previously closed at GBX 235.70 ($3.16).

Wall Street Analysts Forecast Growth

Separately, Deutsche Bank Aktiengesellschaft upped their price objective on shares of Canaan from GBX 270 to GBX 300 and gave the stock a "buy" rating in a research note on Wednesday, July 30th. One equities research analyst has rated the stock with a Buy rating, According to data from MarketBeat.com, the company has a consensus rating of "Buy" and a consensus target price of GBX 300.

Canaan Price Performance

The stock has a market capitalization of £2.39 billion and a P/E ratio of -1,607.33. The company's 50 day simple moving average is GBX 239.16 and its two-hundred day simple moving average is GBX 213.

Insider Activity at Canaan

In related news, insider Anna Marsh purchased 15,000 shares of the firm's stock in a transaction dated Friday, August 1st. The shares were acquired at an average cost of GBX 248 per share, with a total value of £37,200. 0.34% of the stock is owned by company insiders.

Canaan Company Profile

Starting its life as a French subscription-TV channel 40 years ago, CANAL+ today is a global media and entertainment company with a brand recognised worldwide amongst the Top 50 Most Valuable French Brands, globally (source: Kantar Brandz, 2023). It generates revenues in 195 countries and operates directly in 52 countries across Europe, Africa, Asia, and the United States, with a total of approximately 9,000 employees worldwide.

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