Canaan (LON:CAN) Trading 0.1% Higher - Time to Buy?

Key Points

• Canaan Inc's stock price rose by 0.1% to GBX 242.50 ($3.29), with significantly lower trading volume of 243,211 shares compared to the average of 4.67 million shares.
• Deutsche Bank has raised its target price for Canaan from GBX 270 to GBX 300 and maintains a "buy" rating, contributing to the stock's average rating of "Buy" with a target price of GBX 300.
• Insider Anna Marsh purchased 15,000 shares at an average price of GBX 248, indicating insider confidence in the stock, which currently has 0.34% insider ownership.

Shares of Canaan Inc (LON:CAN - Get Free Report) were up 0.1% during trading on Thursday . The stock traded as high as GBX 243.90 ($3.33) and last traded at GBX 242.50 ($3.31). Approximately 243,211 shares changed hands during mid-day trading, a decline of 95% from the average daily volume of 4,673,698 shares. The stock had previously closed at GBX 242.20 ($3.31).

Analyst Upgrades and Downgrades

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

Canaan Trading Up 0.8%

The firm has a market capitalization of £2.43 billion and a PE ratio of -1,630.67. The business has a 50 day moving average price of GBX 236.58 and a 200-day moving average price of GBX 206.30.

Insider Transactions at Canaan

In other news, insider Anna Marsh acquired 15,000 shares of the company's stock in a transaction that occurred on Friday, August 1st. The stock was purchased at an average cost of GBX 248 per share, with a total value of £37,200. Company insiders own 0.34% of the company's stock.

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.