12 Best Technology Penny Stocks To Buy According to Hedge Funds

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6. Canaan Inc. (NASDAQ:CAN)

Number of Hedge Fund Investors: 20

Stock Price as of December 23: $2.32

Canaan Inc. (NASDAQ:CAN) is a leading provider of high-performance computing solutions, primarily known for manufacturing Bitcoin mining hardware and Application-specific integrated circuit (ASIC) microprocessors. The company’s flagship mining product line, the Avalon series, is known for its cutting-edge technology, energy efficiency, and reliability. Canaan Inc. (NASDAQ:CAN) sells mining machines to cryptocurrency miners and is involved in directly mining Bitcoin themselves.

Canaan Inc. (NASDAQ:CAN) is continuously investing in research and development to deliver high-performance products that meet the evolving needs of the market. In Q3, the company successfully transitioned to mass production of its Avalon A15 series, which offers significant improvements in computing power and energy efficiency. Canaan Inc. (NASDAQ:CAN) is making substantial progress, with ongoing negotiations and collaborations with major publicly listed mining companies that are expected to significantly boost its market share. Additionally, the company is expanding its reach into regions with energy advantages, such as Asia and Africa.

Canaan Inc. (NASDAQ:CAN) is actively enhancing its mining operations to generate additional revenue and strengthen its financial position. The company has announced a joint mining project with Luna Squares in Texas, which will add 1.61 exahash per second of computing power by the first quarter of 2025.

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