Wellington Management Group LLP Purchases New Stake in Canaan Inc. (NASDAQ:CAN)

Wellington Management Group LLP acquired a new stake in shares of Canaan Inc. (NASDAQ:CAN) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund acquired 23,306 shares of the company’s stock, valued at approximately $48,000.

A number of other hedge funds have also added to or reduced their stakes in the stock. EntryPoint Capital LLC purchased a new position in shares of Canaan during the fourth quarter valued at approximately $32,000. Raymond James Financial Inc. purchased a new position in shares of Canaan during the fourth quarter valued at approximately $33,000. Chesapeake Capital Corp IL purchased a new position in shares of Canaan during the fourth quarter valued at approximately $79,000. SBI Securities Co. Ltd. purchased a new stake in Canaan during the fourth quarter valued at approximately $83,000. Finally, PEAK6 LLC purchased a new stake in Canaan during the fourth quarter valued at approximately $92,000. 70.14% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

CAN has been the subject of a number of research reports. Rosenblatt Securities reduced their target price on shares of Canaan from $8.00 to $5.00 and set a “buy” rating for the company in a report on Wednesday, May 21st. HC Wainwright reaffirmed a “buy” rating and set a $3.00 target price on shares of Canaan in a report on Thursday, March 27th. Compass Point initiated coverage on shares of Canaan in a report on Tuesday, March 18th. They set a “buy” rating and a $2.50 target price for the company. Finally, Benchmark reduced their target price on shares of Canaan from $3.00 to $2.00 and set a “buy” rating for the company in a report on Wednesday, May 21st. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $2.90.

Canaan Stock Performance

CAN opened at $0.60 on Monday. The firm has a market cap of $223.33 million, a P/E ratio of -0.44 and a beta of 3.32. Canaan Inc. has a 1-year low of $0.53 and a 1-year high of $3.27. The company has a 50 day simple moving average of $0.71 and a two-hundred day simple moving average of $1.44. 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 (NASDAQ:CAN) last posted its quarterly 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). The firm had revenue of $88.77 million during the quarter, compared to the consensus estimate of $88.50 million. Canaan had a negative return on equity of 60.37% and a negative net margin of 128.85%. During the same quarter in the previous year, the company earned ($2.16) earnings per share. Equities analysts forecast that Canaan Inc. will post -0.74 earnings per share for the current fiscal year.

Canaan declared that its board has authorized a share buyback program on Tuesday, May 27th that permits the company to repurchase $0.00 in shares. This repurchase authorization permits the company to repurchase shares of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board of directors believes its stock is undervalued.

Canaan 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.