OMERS ADMINISTRATION Corp Makes New Investment in Canaan Inc. (NASDAQ:CAN)

OMERS ADMINISTRATION Corp bought a new position in Canaan Inc. (NASDAQ:CAN) in the 4th quarter, Holdings Channel.com reports. The fund bought 410,100 shares of the company’s stock, valued at approximately $841,000.

Several other large investors also recently added to or reduced their stakes in CAN. Marshall Wace LLP bought a new stake in shares of Canaan during the 4th quarter worth $5,343,000. Renaissance Technologies LLC acquired a new position in Canaan in the 4th quarter valued at $3,689,000. Millennium Management LLC grew its stake in Canaan by 139.7% in 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 during the last quarter. Exchange Traded Concepts LLC acquired a new position in Canaan in the 4th quarter valued at $2,807,000. Finally, Van ECK Associates Corp grew its stake 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 buying an additional 1,187,796 shares during the last quarter. 70.14% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

CAN has been the topic of a number of research analyst reports. Rosenblatt Securities reiterated a “buy” rating and issued a $8.00 target price on shares of Canaan in a research note on Thursday. Benchmark initiated coverage on shares of Canaan in a research note on Tuesday, May 6th. They issued a “buy” rating and a $3.00 target price on the stock. 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 assumed coverage on shares of Canaan in a research note on Tuesday, March 18th. They issued a “buy” rating and a $2.50 target price on the stock. One analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $3.70.

Canaan Price Performance

NASDAQ:CAN opened at $0.79 on Friday. The stock has a market cap of $223.38 million, a P/E ratio of -0.59 and a beta of 3.26. Canaan Inc. has a one year low of $0.53 and a one year high of $3.27. The company has a fifty day moving average price of $0.82 and a 200 day moving average price of $1.52. The company has a debt-to-equity ratio of 0.08, a current ratio of 2.03 and a quick ratio of 1.45.

Canaan (NASDAQ:CAN) last released 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). The company had revenue of $88.77 million for the quarter, compared to analyst estimates 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 previous year, the company earned ($2.16) earnings per share. Analysts anticipate that Canaan Inc. will post -0.74 earnings per share for the current 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.