Canaan Target of Unusually Large Options Trading (NASDAQ:CAN)

Canaan Inc. (NASDAQ:CAN) was the target of some unusual options trading on Thursday. Stock traders acquired 37,676 call options on the stock. This represents an increase of approximately 350% compared to the typical volume of 8,368 call options.

Canaan Price Performance

NASDAQ CAN opened at $0.92 on Friday. The stock has a market capitalization of $214.84 million, a PE ratio of -0.38 and a beta of 3.01. The business has a 50 day simple moving average of $1.54 and a two-hundred day simple moving average of $1.74. Canaan has a 1-year low of $0.89 and a 1-year high of $3.50.

Canaan (NASDAQ:CAN) last released its quarterly earnings results on Tuesday, February 27th. The company reported ($0.35) earnings per share for the quarter, meeting the consensus estimate of ($0.35). The business had revenue of $49.07 million during the quarter, compared to analysts’ expectations of $33.90 million. Canaan had a negative return on equity of 80.13% and a negative net margin of 195.84%. On average, analysts anticipate that Canaan will post -1.35 EPS for the current fiscal year.

Hedge Funds Weigh In On Canaan

A number of institutional investors and hedge funds have recently modified their holdings of CAN. Engineers Gate Manager LP purchased a new position in shares of Canaan in the 4th quarter worth approximately $31,000. New York State Common Retirement Fund lifted its stake in shares of Canaan by 88.1% during the 3rd quarter. New York State Common Retirement Fund now owns 17,704 shares of the company’s stock worth $32,000 after acquiring an additional 8,290 shares during the last quarter. QRG Capital Management Inc. bought a new stake in shares of Canaan during the 3rd quarter worth approximately $33,000. Credit Suisse AG lifted its stake in shares of Canaan by 31,721.2% during the 4th quarter. Credit Suisse AG now owns 16,547 shares of the company’s stock worth $34,000 after acquiring an additional 16,495 shares during the last quarter. Finally, Bank of America Corp DE lifted its stake in shares of Canaan by 185.8% during the 1st quarter. Bank of America Corp DE now owns 6,334 shares of the company’s stock worth $35,000 after acquiring an additional 4,118 shares during the last quarter. Hedge funds and other institutional investors own 70.14% of the company’s stock.

Canaan Company Profile

Canaan Inc engages in the research, design, and sale of integrated circuit (IC) final mining equipment products by integrating IC products for bitcoin mining and related components in the People's Republic of China. It is also involved in the assembly and distribution of mining equipment and spare parts.