OVERSEA CHINESE BANKING Corp Ltd Purchases Shares of 550,089 Canaan Inc. (NASDAQ:CAN)

OVERSEA CHINESE BANKING Corp Ltd acquired a new position in Canaan Inc. (NASDAQ:CAN) during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 550,089 shares of the company’s stock, valued at approximately $556,000. OVERSEA CHINESE BANKING Corp Ltd owned about 0.18% of Canaan as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in the stock. Susquehanna Fundamental Investments LLC acquired a new position in Canaan in the 1st quarter valued at about $149,000. Quadrature Capital Ltd grew its holdings in shares of Canaan by 323.3% in the first quarter. Quadrature Capital Ltd now owns 280,686 shares of the company’s stock valued at $422,000 after purchasing an additional 214,384 shares in the last quarter. SRN Advisors LLC increased its stake in Canaan by 4.9% during the 1st quarter. SRN Advisors LLC now owns 739,303 shares of the company’s stock worth $1,124,000 after buying an additional 34,382 shares during the period. Baader Bank Aktiengesellschaft lifted its holdings in Canaan by 54.0% during the 2nd quarter. Baader Bank Aktiengesellschaft now owns 825,876 shares of the company’s stock worth $824,000 after buying an additional 289,629 shares in the last quarter. Finally, Commonwealth Equity Services LLC boosted its position in Canaan by 20.4% in the 2nd quarter. Commonwealth Equity Services LLC now owns 215,372 shares of the company’s stock valued at $215,000 after buying an additional 36,422 shares during the period. Hedge funds and other institutional investors own 70.14% of the company’s stock.

Canaan Trading Down 8.5 %

CAN opened at $1.51 on Thursday. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.75 and a current ratio of 2.88. Canaan Inc. has a one year low of $0.72 and a one year high of $3.50. The company has a market cap of $456.56 million, a P/E ratio of -0.97 and a beta of 3.06. The business’s 50-day simple moving average is $1.09 and its 200-day simple moving average is $1.04.

Canaan (NASDAQ:CAN) last announced its quarterly earnings results on Thursday, August 15th. The company reported ($0.15) EPS for the quarter, beating the consensus estimate of ($0.30) by $0.15. The company had revenue of $71.86 million for the quarter, compared to analyst estimates of $51.90 million. Canaan had a negative net margin of 158.65% and a negative return on equity of 59.66%. As a group, equities research analysts expect that Canaan Inc. will post -0.6 EPS for the current fiscal year.

Analysts Set New Price Targets

Several brokerages have recently issued reports on CAN. Rosenblatt Securities initiated coverage on Canaan in a research note on Wednesday, September 11th. They issued a “buy” rating and a $3.00 price objective on the stock. Nomura Securities upgraded Canaan to a “hold” rating in a research note on Monday, August 19th. HC Wainwright reaffirmed a “buy” rating and issued a $3.00 target price on shares of Canaan in a report on Friday, August 16th. Finally, B. Riley initiated coverage on shares of Canaan in a research note on Wednesday, September 18th. They issued a “buy” rating and a $2.00 price target for the company. One analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $3.38.

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.