Canaan Sees Unusually High Options Volume (NASDAQ:CAN)

Canaan Inc. (NASDAQ:CAN - Get Free Report) was the recipient of unusually large options trading on Tuesday. Stock investors bought 9,507 call options on the company. This is an increase of 422% compared to the average volume of 1,820 call options.

Canaan Stock Performance

Shares of Canaan stock traded up $0.24 during trading on Tuesday, hitting $1.30. 23,881,220 shares of the company's stock traded hands, compared to its average volume of 10,694,216. Canaan has a 1 year low of $0.72 and a 1 year high of $3.50. The business has a 50-day simple moving average of $0.99 and a 200-day simple moving average of $1.00. The company has a debt-to-equity ratio of 0.06, a current ratio of 2.88 and a quick ratio of 1.75. The stock has a market capitalization of $364.29 million, a P/E ratio of -0.62 and a beta of 3.08.

Canaan (NASDAQ:CAN - Get Free Report) last announced its quarterly earnings results on Thursday, August 15th. The company reported ($0.15) EPS for the quarter, topping analysts' consensus estimates 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 analyst estimates of $51.90 million. As a group, analysts forecast that Canaan will post -0.6 EPS for the current year.

Institutional Investors Weigh In On Canaan

Hedge funds have recently added to or reduced their stakes in the stock. Farther Finance Advisors LLC lifted its stake in shares of Canaan by 38.6% in the 3rd quarter. Farther Finance Advisors LLC now owns 109,409 shares of the company's stock worth $111,000 after purchasing an additional 30,447 shares during the period. Vanguard Personalized Indexing Management LLC bought a new position in Canaan in the second quarter worth approximately $34,000. SRN Advisors LLC boosted 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 acquiring an additional 34,382 shares during 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, IvyRock Asset Management HK Ltd purchased a new stake in shares of Canaan in the 1st quarter worth $73,000. 70.14% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms have recently commented on CAN. Nomura Securities raised Canaan to a "hold" rating in a research note on Monday, August 19th. B. Riley began coverage on shares of Canaan in a research report on Wednesday, September 18th. They set a "buy" rating and a $2.00 price objective on the stock. 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, Rosenblatt Securities initiated coverage on shares of Canaan in a research note on Wednesday, September 11th. They issued a "buy" rating and a $3.00 target price on the stock. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from 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.