OVERSEA CHINESE BANKING Corp Ltd Takes $556,000 Position in Canaan Inc. (NASDAQ:CAN)

OVERSEA CHINESE BANKING Corp Ltd bought a new position in Canaan Inc. (NASDAQ:CAN - Free Report) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 550,089 shares of the company's stock, valued at approximately $556,000. OVERSEA CHINESE BANKING Corp Ltd owned about 0.18% of Canaan as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently modified their holdings of CAN. Susquehanna Fundamental Investments LLC bought a new position in Canaan in the 1st quarter worth about $149,000. Quadrature Capital Ltd increased its stake in shares of Canaan by 323.3% during the 1st quarter. Quadrature Capital Ltd now owns 280,686 shares of the company's stock worth $422,000 after purchasing an additional 214,384 shares during the last quarter. SRN Advisors LLC increased 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 purchasing an additional 34,382 shares during the last quarter. Baader Bank Aktiengesellschaft increased its stake in shares of Canaan by 54.0% during the 2nd quarter. Baader Bank Aktiengesellschaft now owns 825,876 shares of the company's stock worth $824,000 after purchasing an additional 289,629 shares during the last quarter. Finally, Commonwealth Equity Services LLC boosted its holdings 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 worth $215,000 after buying an additional 36,422 shares during the period. Institutional investors own 70.14% of the company's stock.

Analysts Set New Price Targets

Several analysts recently issued reports on the stock. Rosenblatt Securities assumed coverage on shares of Canaan in a report on Wednesday, September 11th. They set a "buy" rating and a $3.00 price objective for the company. B. Riley began coverage on shares of Canaan in a report on Wednesday, September 18th. They set a "buy" rating and a $2.00 price objective for the company. HC Wainwright reiterated a "buy" rating and set a $3.00 target price on shares of Canaan in a research report on Friday, August 16th. Finally, Nomura Securities upgraded shares of Canaan to a "hold" rating in a research report on Monday, August 19th. One analyst has rated the stock with a hold rating and four have given a buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $3.38.

Canaan Trading Up 2.3 %

Shares of CAN traded up $0.04 on Thursday, reaching $1.55. 9,825,311 shares of the company's stock were exchanged, compared to its average volume of 10,955,159. The stock has a market capitalization of $467.15 million, a P/E ratio of -0.97 and a beta of 3.06. The business has a 50 day moving average price of $1.09 and a two-hundred day moving average price of $1.04. The company has a current ratio of 2.88, a quick ratio of 1.75 and a debt-to-equity ratio of 0.06. Canaan Inc. has a 12 month low of $0.72 and a 12 month high of $3.50.

Canaan (NASDAQ:CAN - Get Free Report) last issued its quarterly earnings data on Thursday, August 15th. The company reported ($0.15) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.30) by $0.15. The firm had revenue of $71.86 million during the quarter, compared to analysts' expectations of $51.90 million. Canaan had a negative net margin of 158.65% and a negative return on equity of 59.66%. Research analysts anticipate that Canaan Inc. will post -0.6 earnings per share for the current year.

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.