Farther Finance Advisors LLC Purchases 30,447 Shares of Canaan Inc. (NASDAQ:CAN)

Farther Finance Advisors LLC increased its position in shares of Canaan Inc. (NASDAQ:CAN) by 38.6% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 109,409 shares of the company’s stock after buying an additional 30,447 shares during the period. Farther Finance Advisors LLC’s holdings in Canaan were worth $111,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Vanguard Personalized Indexing Management LLC purchased a new stake in shares of Canaan during the 2nd quarter worth $34,000. XTX Topco Ltd purchased a new stake in shares of Canaan during the second quarter valued at about $79,000. Impact Partnership Wealth LLC boosted its holdings in shares of Canaan by 271.1% in the 2nd quarter. Impact Partnership Wealth LLC now owns 125,990 shares of the company’s stock valued at $126,000 after buying an additional 92,038 shares in the last quarter. Susquehanna Fundamental Investments LLC purchased a new position in shares of Canaan in the 1st quarter worth approximately $149,000. Finally, Commonwealth Equity Services LLC raised its stake in shares of Canaan by 20.4% during the 2nd quarter. Commonwealth Equity Services LLC now owns 215,372 shares of the company’s stock worth $215,000 after acquiring an additional 36,422 shares in the last quarter. 70.14% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on CAN shares. HC Wainwright restated a “buy” rating and set a $3.00 target price on shares of Canaan in a research note on Friday, August 16th. B. Riley initiated coverage on shares of Canaan in a report on Wednesday, September 18th. They set a “buy” rating and a $2.00 price objective on the stock. Rosenblatt Securities initiated coverage on shares of Canaan in a research report on Wednesday, September 11th. They set a “buy” rating and a $3.00 target price on the stock. Finally, Nomura Securities upgraded Canaan to a “hold” rating in a research note on Monday, August 19th. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, Canaan presently has a consensus rating of “Moderate Buy” and an average target price of $3.38.

Canaan Price Performance

NASDAQ:CAN opened at $1.78 on Tuesday. 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 Inc. has a 52 week low of $0.72 and a 52 week high of $3.50. The stock’s 50-day moving average price is $1.06 and its 200-day moving average price is $1.03. The stock has a market capitalization of $538.20 million, a PE ratio of -1.15 and a beta of 3.06.

Canaan (NASDAQ:CAN) last issued its quarterly earnings data on Thursday, August 15th. The company reported ($0.15) EPS for the quarter, beating the consensus estimate of ($0.30) by $0.15. The company had revenue of $71.86 million for the quarter, compared to analyst estimates of $51.90 million. Canaan had a negative return on equity of 59.66% and a negative net margin of 158.65%. As a group, equities analysts expect that Canaan Inc. will post -0.6 EPS for the current fiscal year.

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.