Hood River Capital Management LLC Takes Position in Canaan Inc. (NASDAQ:CAN)

Hood River Capital Management LLC bought a new position in shares of Canaan Inc. (NASDAQ:CAN - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 962,234 shares of the company's stock, valued at approximately $1,973,000. Hood River Capital Management LLC owned approximately 0.34% of Canaan as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Van ECK Associates Corp increased its position in Canaan by 12.9% during the fourth quarter. Van ECK Associates Corp now owns 10,368,217 shares of the company's stock worth $21,255,000 after acquiring an additional 1,187,796 shares during the period. State Street Corp raised its position in shares of Canaan by 0.3% in the third quarter. State Street Corp now owns 9,111,069 shares of the company's stock valued at $9,202,000 after buying an additional 23,759 shares in the last quarter. Vanguard Group Inc. raised its position in shares of Canaan by 2.6% in the fourth quarter. Vanguard Group Inc. now owns 8,760,909 shares of the company's stock valued at $17,960,000 after buying an additional 223,241 shares in the last quarter. Marshall Wace LLP bought a new stake in shares of Canaan in the fourth quarter valued at approximately $5,343,000. Finally, Renaissance Technologies LLC acquired a new stake in Canaan during the fourth quarter worth approximately $3,689,000. Institutional investors and hedge funds own 70.14% of the company's stock.

Analysts Set New Price Targets

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

Canaan Price Performance

Shares of CAN stock traded up $0.03 on Friday, hitting $0.83. 10,750,191 shares of the company's stock were exchanged, compared to its average volume of 11,737,005. The company has a 50 day moving average of $1.00 and a 200 day moving average of $1.56. The stock has a market cap of $234.56 million, a P/E ratio of -0.62 and a beta of 3.48. 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 Inc. has a 12 month low of $0.65 and a 12 month high of $3.27.

Canaan (NASDAQ:CAN - Get Free Report) last posted its earnings results on Wednesday, March 26th. The company reported ($2.17) EPS for the quarter, missing analysts' consensus estimates of ($0.88) by ($1.29). The company had revenue of $88.77 million during the quarter, compared to the consensus estimate 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 period last year, the company posted ($2.16) EPS. On average, equities research analysts predict that Canaan Inc. will post -0.74 EPS for the current year.

About Canaan

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.