Geode Capital Management LLC trimmed its holdings in Canaan Inc. (NASDAQ:CAN - Free Report) by 17.7% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 2,011,482 shares of the company's stock after selling 432,944 shares during the quarter. Geode Capital Management LLC owned 0.67% of Canaan worth $2,032,000 at the end of the most recent reporting period.
A number of other institutional investors have also modified their holdings of the stock. Vanguard Personalized Indexing Management LLC purchased a new stake in Canaan during the second quarter worth $34,000. XTX Topco Ltd acquired a new position in shares of Canaan in the second quarter worth about $79,000. Farther Finance Advisors LLC boosted its stake in shares of Canaan by 38.6% during the 3rd quarter. Farther Finance Advisors LLC now owns 109,409 shares of the company's stock worth $111,000 after acquiring an additional 30,447 shares in the last quarter. Commonwealth Equity Services LLC grew its position in shares of Canaan by 20.4% during the 2nd quarter. Commonwealth Equity Services LLC now owns 215,372 shares of the company's stock valued at $215,000 after acquiring an additional 36,422 shares during the period. Finally, Quadrature Capital Ltd increased its stake in shares of Canaan by 329.4% in the 3rd quarter. Quadrature Capital Ltd now owns 544,976 shares of the company's stock valued at $550,000 after purchasing an additional 418,052 shares in the last quarter. Hedge funds and other institutional investors own 70.14% of the company's stock.
Wall Street Analyst Weigh In
Several analysts have commented on the company. B. Riley assumed coverage on Canaan in a report on Wednesday, September 18th. They issued a "buy" rating and a $2.00 price objective on the stock. HC Wainwright reiterated a "buy" rating and set a $3.00 target price on shares of Canaan in a research report on Thursday, November 21st. Finally, Rosenblatt Securities boosted their price target on shares of Canaan from $3.00 to $4.00 and gave the stock a "buy" rating in a report on Friday, December 6th.
View Our Latest Analysis on Canaan
Canaan Price Performance
NASDAQ:CAN traded down $0.19 during trading hours on Thursday, hitting $1.93. 18,949,094 shares of the stock were exchanged, compared to its average volume of 19,248,789. The firm's fifty day moving average price is $2.07 and its 200 day moving average price is $1.37. Canaan Inc. has a 52-week low of $0.72 and a 52-week high of $3.27. The company has a market cap of $543.45 million, a P/E ratio of -1.43 and a beta of 3.27. The company has a current ratio of 2.03, a quick ratio of 1.45 and a debt-to-equity ratio of 0.08.
Canaan Company Profile
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Free Report)
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.
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