Norges Bank Invests $2.32 Million in Canaan Inc. (NASDAQ:CAN)

Norges Bank purchased a new position in shares of Canaan Inc. (NASDAQ:CAN - Free Report) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 1,130,517 shares of the company's stock, valued at approximately $2,318,000. Norges Bank owned about 0.40% of Canaan at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. JPMorgan Chase & Co. purchased a new position in shares of Canaan during the 4th quarter worth about $402,000. Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in shares of Canaan by 95.7% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 495,937 shares of the company's stock worth $1,017,000 after buying an additional 242,518 shares during the last quarter. EntryPoint Capital LLC acquired a new stake in shares of Canaan during the 4th quarter worth $32,000. Vanguard Group Inc. raised its position in shares of Canaan by 2.6% in the 4th quarter. Vanguard Group Inc. now owns 8,760,909 shares of the company's stock worth $17,960,000 after buying an additional 223,241 shares during the period. Finally, Sei Investments Co. acquired a new position in Canaan in the fourth quarter valued at $751,000. 70.14% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

CAN has been the subject of a number of research reports. Compass Point initiated coverage on Canaan in a report on Tuesday, March 18th. They set a "buy" rating and a $2.50 target price for the company. Rosenblatt Securities reiterated a "buy" rating and set a $8.00 price objective on shares of Canaan in a research note on Friday, April 11th. Finally, HC Wainwright reiterated a "buy" rating and issued a $3.00 price objective on shares of Canaan in a report on Thursday, March 27th. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $3.88.

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Canaan Stock Down 0.6 %

Shares of Canaan stock traded down $0.00 during trading on Thursday, reaching $0.70. The company had a trading volume of 2,655,360 shares, compared to its average volume of 11,798,508. The company has a market cap of $195.98 million, a price-to-earnings ratio of -0.52 and a beta of 3.48. Canaan Inc. has a fifty-two week low of $0.65 and a fifty-two week high of $3.27. The firm's fifty day moving average is $1.15 and its 200-day moving average is $1.56. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.45 and a current ratio of 2.03.

Canaan (NASDAQ:CAN - Get Free Report) last issued 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 firm had revenue of $88.77 million during the quarter, compared to analyst estimates of $88.50 million. Canaan had a negative return on equity of 60.37% and a negative net margin of 128.85%. During the same quarter in the previous year, the business posted ($2.16) EPS. On average, analysts anticipate that Canaan Inc. will post -0.74 EPS 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.