Canaan Inc. (NASDAQ:CAN) Shares Acquired by IFP Advisors Inc

IFP Advisors Inc boosted its stake in Canaan Inc. (NASDAQ:CAN) by 4,234.0% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 76,105 shares of the company’s stock after purchasing an additional 74,349 shares during the period. IFP Advisors Inc’s holdings in Canaan were worth $156,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the stock. Private Advisor Group LLC acquired a new stake in Canaan in the 4th quarter valued at $102,000. Van ECK Associates Corp increased its holdings in Canaan by 12.9% in the 4th quarter. Van ECK Associates Corp now owns 10,368,217 shares of the company’s stock valued at $21,255,000 after purchasing an additional 1,187,796 shares in the last quarter. Certuity LLC acquired a new stake in Canaan in the 4th quarter valued at $205,000. Baader Bank Aktiengesellschaft increased its holdings in Canaan by 287.0% in the 4th quarter. Baader Bank Aktiengesellschaft now owns 1,305,724 shares of the company’s stock valued at $2,677,000 after purchasing an additional 968,347 shares in the last quarter. Finally, Exchange Traded Concepts LLC acquired a new stake in Canaan in the 4th quarter valued at $2,807,000. 70.14% of the stock is currently owned by institutional investors and hedge funds.

Canaan Stock Down 9.9 %

Shares of Canaan stock opened at $1.18 on Tuesday. The business has a 50-day moving average of $1.91 and a 200-day moving average of $1.59. 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 company has a market capitalization of $332.27 million, a PE ratio of -0.87 and a beta of 3.26. Canaan Inc. has a 1-year low of $0.72 and a 1-year high of $3.27.

Wall Street Analyst Weigh In

CAN has been the subject of several recent research reports. HC Wainwright reiterated a “buy” rating and issued a $3.00 price target on shares of Canaan in a report on Wednesday, January 22nd. Rosenblatt Securities reiterated a “buy” rating and issued a $8.00 price target on shares of Canaan in a report on Thursday, February 20th.

About Canaan

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.