Vanguard Group Inc. Boosts Stake in Canaan Inc. (NASDAQ:CAN)

Vanguard Group Inc. boosted its holdings in Canaan Inc. (NASDAQ:CAN) by 2.6% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 8,760,909 shares of the company’s stock after acquiring an additional 223,241 shares during the quarter. Vanguard Group Inc. owned about 3.11% of Canaan worth $17,960,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Van ECK Associates Corp boosted its stake in Canaan by 12.9% in the 4th quarter. Van ECK Associates Corp now owns 10,368,217 shares of the company’s stock worth $21,255,000 after buying an additional 1,187,796 shares during the last quarter. State Street Corp lifted its holdings in shares of Canaan by 0.3% during the 3rd quarter. State Street Corp now owns 9,111,069 shares of the company’s stock worth $9,202,000 after acquiring an additional 23,759 shares during the period. Exchange Traded Concepts LLC acquired a new stake in shares of Canaan in the fourth quarter worth approximately $2,807,000. Baader Bank Aktiengesellschaft grew its holdings in Canaan by 287.0% in the fourth quarter. Baader Bank Aktiengesellschaft now owns 1,305,724 shares of the company’s stock valued at $2,677,000 after purchasing an additional 968,347 shares during the period. Finally, Sei Investments Co. acquired a new position in Canaan during the fourth quarter worth approximately $751,000. Institutional investors and hedge funds own 70.14% of the company’s stock.

Canaan Stock Down 7.2 %

CAN stock opened at $0.70 on Thursday. Canaan Inc. has a fifty-two week low of $0.65 and a fifty-two week high of $3.27. The stock has a market cap of $197.11 million, a PE ratio of -0.52 and a beta of 3.48. The firm’s 50-day simple moving average is $1.15 and its 200 day simple moving average is $1.56. The company has a quick ratio of 1.45, a current ratio of 2.03 and a debt-to-equity ratio of 0.08.

Canaan (NASDAQ:CAN) last posted its quarterly earnings data on Wednesday, March 26th. The company reported ($2.17) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.88) by ($1.29). The company had revenue of $88.77 million during the quarter, compared to the consensus estimate of $88.50 million. Canaan had a negative net margin of 128.85% and a negative return on equity of 60.37%. During the same quarter last year, the business earned ($2.16) earnings per share. As a group, sell-side analysts predict that Canaan Inc. will post -0.74 EPS for the current year.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. Compass Point assumed coverage on Canaan in a research note on Tuesday, March 18th. They issued a “buy” rating and a $2.50 price objective on the stock. HC Wainwright reaffirmed a “buy” rating and issued a $3.00 target price on shares of Canaan in a research report on Thursday, March 27th. Finally, Rosenblatt Securities reissued a “buy” rating and issued a $8.00 price objective on shares of Canaan in a report on Friday, April 11th. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Canaan presently has a consensus rating of “Moderate Buy” and a consensus target price of $3.88.

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.