Vanguard Group Inc. Purchases 223,241 Shares of Canaan Inc. (NASDAQ:CAN)

Vanguard Group Inc. raised its holdings in Canaan Inc. (NASDAQ:CAN) by 2.6% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 8,760,909 shares of the company’s stock after buying an additional 223,241 shares during the quarter. Vanguard Group Inc.’s holdings in Canaan were worth $17,960,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Baader Bank Aktiengesellschaft increased its holdings in shares of Canaan by 287.0% during the fourth quarter. Baader Bank Aktiengesellschaft now owns 1,305,724 shares of the company’s stock worth $2,677,000 after buying an additional 968,347 shares in the last quarter. Exchange Traded Concepts LLC bought a new stake in Canaan during the 4th quarter worth about $2,807,000. Private Advisor Group LLC bought a new position in Canaan in the fourth quarter valued at approximately $102,000. Victory Capital Management Inc. acquired a new stake in shares of Canaan during the fourth quarter worth $598,000. Finally, State Street Corp increased its stake in Canaan by 0.3% in the third quarter. State Street Corp now owns 9,111,069 shares of the company’s stock valued at $9,202,000 after purchasing an additional 23,759 shares in the last quarter. Institutional investors own 70.14% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on CAN shares. Rosenblatt Securities reaffirmed a “buy” rating and issued a $8.00 target price on shares of Canaan in a research note on Friday, April 11th. HC Wainwright reiterated a “buy” rating and issued a $3.00 target price on shares of Canaan in a research note on Thursday, March 27th. Finally, Compass Point began coverage on shares of Canaan in a research note on Tuesday, March 18th. They set a “buy” rating and a $2.50 target price for the company. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $3.88.

Canaan Stock Down 7.2 %

Shares of NASDAQ CAN opened at $0.70 on Thursday. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.45 and a current ratio of 2.03. The stock has a market capitalization of $197.11 million, a P/E ratio of -0.52 and a beta of 3.48. The stock’s fifty day moving average is $1.15 and its 200 day moving average is $1.56. Canaan Inc. has a 52 week low of $0.65 and a 52 week high of $3.27.

Canaan (NASDAQ:CAN) last issued its earnings results on Wednesday, March 26th. The company reported ($2.17) EPS for the quarter, missing the consensus estimate of ($0.88) by ($1.29). Canaan had a negative return on equity of 60.37% and a negative net margin of 128.85%. The business had revenue of $88.77 million for the quarter, compared to analyst estimates of $88.50 million. During the same period in the previous year, the firm posted ($2.16) EPS. Sell-side analysts forecast that Canaan Inc. will post -0.74 earnings per share 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.