Canaan Inc. (NASDAQ:CAN) Shares Bought by Prime Capital Investment Advisors LLC

Prime Capital Investment Advisors LLC grew its position in Canaan Inc. (NASDAQ:CAN) by 4.9% in the third quarter, HoldingsChannel reports. The fund owned 914,385 shares of the company’s stock after acquiring an additional 42,774 shares during the quarter. Prime Capital Investment Advisors LLC’s holdings in Canaan were worth $924,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Van ECK Associates Corp increased its stake in shares of Canaan by 55.4% in the 2nd quarter. Van ECK Associates Corp now owns 9,762,972 shares of the company’s stock valued at $9,761,000 after purchasing an additional 3,482,283 shares in the last quarter. Baader Bank Aktiengesellschaft increased its position in shares of Canaan by 54.0% in the second quarter. Baader Bank Aktiengesellschaft now owns 825,876 shares of the company’s stock valued at $824,000 after buying an additional 289,629 shares in the last quarter. SRN Advisors LLC raised its stake in shares of 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. OVERSEA CHINESE BANKING Corp Ltd purchased a new position in shares of Canaan during the 3rd quarter valued at approximately $556,000. Finally, Quadrature Capital Ltd grew its stake in Canaan by 323.3% in the 1st quarter. Quadrature Capital Ltd now owns 280,686 shares of the company’s stock valued at $422,000 after acquiring an additional 214,384 shares during the period. 70.14% of the stock is owned by hedge funds and other institutional investors.

Canaan Stock Down 2.0 %

CAN stock opened at $1.48 on Friday. Canaan Inc. has a 12 month low of $0.72 and a 12 month high of $3.50. The company has a current ratio of 2.88, a quick ratio of 1.75 and a debt-to-equity ratio of 0.06. The company has a market cap of $447.49 million, a price-to-earnings ratio of -0.95 and a beta of 3.06. The firm has a 50-day moving average of $1.10 and a two-hundred day moving average of $1.04.

Canaan (NASDAQ:CAN) last released its quarterly earnings data on Thursday, August 15th. The company reported ($0.15) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.30) by $0.15. Canaan had a negative net margin of 158.65% and a negative return on equity of 59.66%. The firm had revenue of $71.86 million during the quarter, compared to analysts’ expectations of $51.90 million. As a group, analysts forecast that Canaan Inc. will post -0.6 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on CAN shares. B. Riley assumed coverage on shares of Canaan in a research report on Wednesday, September 18th. They set a “buy” rating and a $2.00 price objective for the company. Rosenblatt Securities assumed coverage on shares of Canaan in a research report on Wednesday, September 11th. They set a “buy” rating and a $3.00 price target for the company. HC Wainwright reiterated a “buy” rating and issued a $3.00 price objective on shares of Canaan in a report on Friday, August 16th. Finally, Nomura Securities raised Canaan to a “hold” rating in a report on Monday, August 19th. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $3.38.

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.