Commonwealth Equity Services LLC Purchases 36,422 Shares of Canaan Inc. (NASDAQ:CAN)

Commonwealth Equity Services LLC lifted its position in shares of Canaan Inc. (NASDAQ:CAN) by 20.4% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 215,372 shares of the company’s stock after purchasing an additional 36,422 shares during the period. Commonwealth Equity Services LLC owned about 0.08% of Canaan worth $215,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. SRN Advisors LLC raised its position in Canaan by 4.9% during the 1st quarter. SRN Advisors LLC now owns 739,303 shares of the company’s stock worth $1,124,000 after purchasing an additional 34,382 shares during the last quarter. IvyRock Asset Management HK Ltd acquired a new position in shares of Canaan in the first quarter worth approximately $73,000. Quadrature Capital Ltd bought a new stake in Canaan in the fourth quarter valued at approximately $153,000. Susquehanna Fundamental Investments LLC acquired a new stake in Canaan during the 1st quarter valued at approximately $149,000. Finally, Headlands Technologies LLC bought a new position in Canaan during the 1st quarter worth approximately $290,000. Institutional investors and hedge funds own 70.14% of the company’s stock.

Canaan Stock Down 1.7 %

Shares of NASDAQ:CAN opened at $0.92 on Thursday. The business’s 50 day moving average is $0.97 and its 200 day moving average is $1.06. Canaan Inc. has a 12-month low of $0.72 and a 12-month high of $3.50. The stock has a market cap of $278.78 million, a price-to-earnings ratio of -0.45 and a beta of 3.08. The company has a quick ratio of 1.75, a current ratio of 2.88 and a debt-to-equity ratio of 0.06.

Canaan (NASDAQ:CAN) last released its quarterly earnings results on Thursday, August 15th. The company reported ($0.15) earnings per share for the quarter, topping the consensus estimate of ($0.30) by $0.15. Canaan had a negative net margin of 158.65% and a negative return on equity of 59.66%. The business had revenue of $71.86 million for the quarter, compared to analysts’ expectations of $51.90 million. On average, sell-side analysts forecast that Canaan Inc. will post -0.6 earnings per share for the current fiscal year.

Analysts Set New Price Targets

CAN has been the subject of a number of recent analyst reports. Rosenblatt Securities initiated coverage on Canaan in a report on Wednesday, September 11th. They set a “buy” rating and a $3.00 price target for the company. Nomura Securities upgraded Canaan to a “hold” rating in a report on Monday, August 19th. HC Wainwright restated a “buy” rating and set a $3.00 price target on shares of Canaan in a report on Friday, August 16th. Finally, B. Riley started coverage on shares of Canaan in a research report on Wednesday, September 18th. They set a “buy” rating and a $2.00 price objective for the company. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $3.38.

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.