Renaissance Technologies LLC Invests $3.69 Million in Canaan Inc. (NASDAQ:CAN)

Renaissance Technologies LLC bought a new position in Canaan Inc. (NASDAQ:CAN - Free Report) in the 4th quarter, according to its most recent disclosure with the SEC. The firm bought 1,799,725 shares of the company's stock, valued at approximately $3,689,000. Renaissance Technologies LLC owned 0.64% of Canaan at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. EntryPoint Capital LLC bought a new stake in Canaan during the fourth quarter worth about $32,000. Raymond James Financial Inc. purchased a new position in shares of Canaan during the fourth quarter valued at approximately $33,000. Wellington Management Group LLP bought a new stake in shares of Canaan in the 4th quarter worth approximately $48,000. State Street Corp grew its stake in shares of Canaan by 0.3% in the 3rd quarter. State Street Corp now owns 9,111,069 shares of the company's stock worth $9,202,000 after buying an additional 23,759 shares during the last quarter. Finally, Virtu Financial LLC increased its position in Canaan by 35.2% during the 3rd quarter. Virtu Financial LLC now owns 103,394 shares of the company's stock valued at $104,000 after buying an additional 26,920 shares in the last quarter. Institutional investors own 70.14% of the company's stock.

Canaan Stock Up 4.1 %

Shares of CAN stock traded up $0.03 during mid-day trading on Friday, hitting $0.83. The company's stock had a trading volume of 10,750,191 shares, compared to its average volume of 11,727,439. 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 Inc. has a 52-week low of $0.65 and a 52-week high of $3.27. The stock has a market cap of $234.56 million, a price-to-earnings ratio of -0.62 and a beta of 3.48. The business has a 50-day moving average price of $1.00 and a 200 day moving average price of $1.55.

Canaan (NASDAQ:CAN - Get Free Report) last posted its earnings results on Wednesday, March 26th. The company reported ($2.17) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.88) by ($1.29). The company had revenue of $88.77 million for the quarter, compared to the consensus estimate of $88.50 million. Canaan had a negative net margin of 128.85% and a negative return on equity of 60.37%. During the same quarter in the prior year, the company posted ($2.16) EPS. Research analysts predict that Canaan Inc. will post -0.74 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts have commented on the company. Compass Point initiated coverage on Canaan in a report on Tuesday, March 18th. They issued a "buy" rating and a $2.50 target price on the stock. Rosenblatt Securities reiterated a "buy" rating and issued a $8.00 price target on shares of Canaan in a research note on Friday, April 11th. Finally, HC Wainwright restated a "buy" rating and set a $3.00 price objective on shares of Canaan in a research note on Thursday, March 27th. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $3.88.

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.