Geode Capital Management LLC Sells 602,184 Shares of Canaan Inc. (NASDAQ:CAN)

Geode Capital Management LLC reduced its stake in Canaan Inc. (NASDAQ:CAN) by 29.9% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,409,298 shares of the company’s stock after selling 602,184 shares during the quarter. Geode Capital Management LLC owned about 0.50% of Canaan worth $2,889,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of CAN. Headlands Technologies LLC bought a new position in shares of Canaan during the fourth quarter worth approximately $1,698,000. Wellington Management Group LLP bought a new position in shares of Canaan during the fourth quarter worth approximately $48,000. Norges Bank bought a new position in shares of Canaan during the fourth quarter worth approximately $2,318,000. JPMorgan Chase & Co. bought a new position in shares of Canaan during the fourth quarter worth approximately $402,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in shares of Canaan by 95.7% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 495,937 shares of the company’s stock worth $1,017,000 after purchasing an additional 242,518 shares during the period. 70.14% of the stock is owned by institutional investors.

Canaan Stock Performance

Shares of NASDAQ:CAN opened at $0.80 on Tuesday. The company’s 50 day simple moving average is $0.98 and its 200 day simple moving average is $1.56. The stock has a market capitalization of $225.46 million, a price-to-earnings ratio of -0.59 and a beta of 3.48. The company has a debt-to-equity ratio of 0.08, a current ratio of 2.03 and a quick ratio of 1.45. Canaan Inc. has a 1 year low of $0.65 and a 1 year high of $3.27.

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

Analysts Set New Price Targets

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