Canaan Inc. (NASDAQ:CAN) Shares Acquired by Van ECK Associates Corp

Van ECK Associates Corp grew its position in Canaan Inc. (NASDAQ:CAN) by 38.0% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 6,280,689 shares of the company’s stock after acquiring an additional 1,730,528 shares during the quarter. Van ECK Associates Corp owned about 2.69% of Canaan worth $9,546,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the company. SG Americas Securities LLC acquired a new stake in shares of Canaan in the fourth quarter valued at approximately $9,311,000. Invesco Ltd. boosted its holdings in shares of Canaan by 27.7% in the third quarter. Invesco Ltd. now owns 3,702,627 shares of the company’s stock valued at $6,739,000 after acquiring an additional 803,940 shares during the period. Exchange Traded Concepts LLC boosted its holdings in shares of Canaan by 21.5% in the fourth quarter. Exchange Traded Concepts LLC now owns 2,256,869 shares of the company’s stock valued at $5,213,000 after acquiring an additional 399,474 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of Canaan by 72.2% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,782,634 shares of the company’s stock valued at $4,118,000 after acquiring an additional 747,152 shares during the period. Finally, Nomura Holdings Inc. boosted its holdings in shares of Canaan by 1,463.2% in the fourth quarter. Nomura Holdings Inc. now owns 1,271,925 shares of the company’s stock valued at $2,938,000 after acquiring an additional 1,190,557 shares during the period. 70.14% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Separately, HC Wainwright restated a “buy” rating and set a $3.00 price target on shares of Canaan in a research note on Monday, May 20th.

Canaan Trading Down 2.8 %

Shares of Canaan stock traded down $0.03 during trading hours on Friday, hitting $0.98. 5,531,912 shares of the company were exchanged, compared to its average volume of 13,962,642. Canaan Inc. has a 1 year low of $0.75 and a 1 year high of $3.50. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.90 and a quick ratio of 2.01. The business has a 50-day moving average of $1.02 and a 200-day moving average of $1.47.

Canaan (NASDAQ:CAN) last released its quarterly earnings results on Friday, May 17th. The company reported ($0.16) EPS for the quarter, topping the consensus estimate of ($0.60) by $0.44. The business had revenue of $35.09 million during the quarter, compared to analysts’ expectations of $30.10 million. Canaan had a negative return on equity of 75.57% and a negative net margin of 192.95%. On average, equities research analysts expect that Canaan Inc. will post -0.9 earnings per share for the current fiscal year.

Canaan 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.