Canaan (NASDAQ:CAN) Shares Gap Up to $2.92

Canaan Inc. (NASDAQ:CAN – Get Rating) shares gapped up prior to trading on Friday . The stock had previously closed at $2.92, but opened at $3.09. Canaan shares last traded at $3.02, with a volume of 417,208 shares.

Canaan Stock Performance

The stock has a 50 day moving average of $2.94 and a two-hundred day moving average of $2.88. The stock has a market cap of $528.22 million, a PE ratio of 5.05 and a beta of 3.27.

Canaan (NASDAQ:CAN – Get Rating) last issued its quarterly earnings results on Tuesday, March 7th. The company reported ($0.38) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.19). The company had revenue of $56.83 million during the quarter, compared to analysts’ expectations of $43.50 million. Canaan had a return on equity of 15.36% and a net margin of 16.12%. Analysts expect that Canaan Inc. will post -0.45 EPS for the current fiscal year.

Hedge Funds Weigh In On Canaan

Several institutional investors and hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. grew its stake in Canaan by 4.1% during the 3rd quarter. Vanguard Group Inc. now owns 6,386,618 shares of the company’s stock valued at $20,948,000 after acquiring an additional 252,678 shares in the last quarter. Invesco Ltd. grew its stake in Canaan by 49.2% during the 1st quarter. Invesco Ltd. now owns 2,894,464 shares of the company’s stock valued at $15,717,000 after acquiring an additional 954,400 shares in the last quarter. BlackRock Inc. lifted its holdings in shares of Canaan by 26.4% during the 3rd quarter. BlackRock Inc. now owns 2,551,224 shares of the company’s stock valued at $8,368,000 after buying an additional 532,667 shares during the last quarter. Point72 Hong Kong Ltd acquired a new stake in shares of Canaan during the 2nd quarter valued at about $6,436,000. Finally, State Street Corp lifted its holdings in shares of Canaan by 17.8% during the 1st quarter. State Street Corp now owns 1,539,635 shares of the company’s stock valued at $8,360,000 after buying an additional 233,129 shares during the last quarter. Hedge funds and other institutional investors own 15.17% of the company’s stock.

Canaan Company Profile

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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 primarily in the People's Republic of China. It is also involved in the assembly and distribution of mining equipment and spare parts.