GTS Securities LLC Raises Stock Position in Canaan Inc. (NASDAQ:CAN)

GTS Securities LLC raised its stake in shares of Canaan Inc. (NASDAQ:CAN) by 137.7% during the fourth quarter, Holdings Channel reports. The firm owned 67,648 shares of the company’s stock after buying an additional 39,183 shares during the quarter. GTS Securities LLC’s holdings in Canaan were worth $139,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Millennium Management LLC boosted its holdings in shares of Canaan by 139.7% during the 4th quarter. Millennium Management LLC now owns 2,808,545 shares of the company’s stock valued at $5,758,000 after buying an additional 1,637,019 shares in the last quarter. Raymond James Financial Inc. bought a new stake in shares of Canaan during the 4th quarter valued at $33,000. Private Advisor Group LLC bought a new stake in shares of Canaan during the 4th quarter valued at $102,000. Victory Capital Management Inc. bought a new position in Canaan in the 4th quarter worth about $598,000. Finally, Russell Investments Group Ltd. bought a new position in Canaan in the 4th quarter worth about $856,000. Institutional investors own 70.14% of the company’s stock.

Canaan Stock Performance

Shares of Canaan stock opened at $0.60 on Friday. The company has a debt-to-equity ratio of 0.08, a current ratio of 2.03 and a quick ratio of 1.45. The stock has a market cap of $168.22 million, a price-to-earnings ratio of -0.44 and a beta of 3.26. The firm’s 50-day moving average is $0.74 and its 200 day moving average is $1.47. Canaan Inc. has a 1 year low of $0.53 and a 1 year high of $3.27.

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

Canaan declared that its board has initiated a stock buyback plan on Tuesday, May 27th that authorizes the company to buyback $0.00 in outstanding shares. This buyback authorization authorizes the company to reacquire shares of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board believes its shares are undervalued.

Wall Street Analysts Forecast Growth

CAN has been the topic of a number of analyst reports. Compass Point initiated coverage on shares of Canaan in a research note on Tuesday, March 18th. They issued a “buy” rating and a $2.50 price target on the stock. HC Wainwright reiterated a “buy” rating and issued a $3.00 price target on shares of Canaan in a research note on Thursday, March 27th. Benchmark dropped their price target on shares of Canaan from $3.00 to $2.00 and set a “buy” rating on the stock in a research note on Wednesday, May 21st. Finally, Rosenblatt Securities dropped their price target on shares of Canaan from $8.00 to $5.00 and set a “buy” rating on the stock in a research note on Wednesday, May 21st. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Canaan has a consensus rating of “Moderate Buy” and an average target price of $2.90.

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.