Renaissance Technologies LLC Invests $3.69 Million in Canaan Inc. (NASDAQ:CAN)

Renaissance Technologies LLC purchased a new stake in shares of Canaan Inc. (NASDAQ:CAN) during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 1,799,725 shares of the company’s stock, valued at approximately $3,689,000. Renaissance Technologies LLC owned 0.64% of Canaan as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently bought and sold shares of CAN. EntryPoint Capital LLC purchased a new stake in shares of Canaan in the fourth quarter worth approximately $32,000. Raymond James Financial Inc. purchased a new stake in Canaan in the fourth quarter worth $33,000. Wellington Management Group LLP bought a new stake in shares of Canaan during the fourth quarter worth $48,000. Chesapeake Capital Corp IL purchased a new stake in shares of Canaan during the fourth quarter valued at $79,000. Finally, SBI Securities Co. Ltd. bought a new position in shares of Canaan in the fourth quarter worth about $83,000. 70.14% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the stock. Compass Point initiated coverage on shares of Canaan in a report on Tuesday, March 18th. They set a “buy” rating and a $2.50 price objective for the company. Rosenblatt Securities reiterated a “buy” rating and issued a $8.00 price target on shares of Canaan in a report on Friday, April 11th. Finally, HC Wainwright restated a “buy” rating and set a $3.00 price objective on shares of Canaan in a report on Thursday, March 27th. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $3.88.

Canaan Stock Up 8.3 %

NASDAQ:CAN opened at $0.74 on Wednesday. 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 $208.62 million, a P/E ratio of -0.55 and a beta of 3.48. The company’s 50-day simple moving average is $1.06 and its 200-day simple moving average is $1.56. Canaan Inc. has a fifty-two week low of $0.65 and a fifty-two week high of $3.27.

Canaan (NASDAQ:CAN) last issued its quarterly earnings data 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 net margin of 128.85% and a negative return on equity of 60.37%. The business had revenue of $88.77 million for the quarter, compared to analysts’ expectations of $88.50 million. During the same quarter in the prior year, the company posted ($2.16) EPS. On average, equities analysts anticipate 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.