Russell Investments Group Ltd. Purchases New Shares in Canaan Inc. (NASDAQ:CAN)

Russell Investments Group Ltd. acquired a new position in shares of Canaan Inc. (NASDAQ:CAN - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 385,598 shares of the company's stock, valued at approximately $856,000. Russell Investments Group Ltd. owned 0.14% of Canaan as of its most recent filing with the SEC.

Several other institutional investors have also recently added to or reduced their stakes in CAN. Baader Bank Aktiengesellschaft boosted its stake in shares of Canaan by 287.0% in the fourth quarter. Baader Bank Aktiengesellschaft now owns 1,305,724 shares of the company's stock valued at $2,677,000 after purchasing an additional 968,347 shares during the period. Exchange Traded Concepts LLC acquired a new position in shares of Canaan in the fourth quarter worth $2,807,000. Private Advisor Group LLC purchased a new stake in shares of Canaan during the fourth quarter worth $102,000. Victory Capital Management Inc. acquired a new stake in shares of Canaan in the fourth quarter valued at $598,000. Finally, State Street Corp grew its stake in Canaan by 0.3% during the 3rd quarter. State Street Corp now owns 9,111,069 shares of the company's stock worth $9,202,000 after purchasing an additional 23,759 shares in the last quarter. Institutional investors and hedge funds own 70.14% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on CAN. HC Wainwright reiterated a "buy" rating and issued a $3.00 price objective on shares of Canaan in a research note on Thursday, March 27th. Compass Point initiated coverage on shares of Canaan in a report on Tuesday, March 18th. They set a "buy" rating and a $2.50 price target for the company. Finally, Rosenblatt Securities restated a "buy" rating and issued a $8.00 price objective on shares of Canaan in a report on Friday, April 11th. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $3.88.

Canaan Stock Up 3.9 %

Canaan stock traded up $0.03 during mid-day trading on Friday, hitting $0.83. The company had a trading volume of 9,411,520 shares, compared to its average volume of 11,721,704. The stock has a market cap of $233.99 million, a price-to-earnings ratio of -0.61 and a beta of 3.48. The company has a quick ratio of 1.45, a current ratio of 2.03 and a debt-to-equity ratio of 0.08. Canaan Inc. has a 1 year low of $0.65 and a 1 year high of $3.27. The business has a fifty day moving average of $1.02 and a 200 day moving average of $1.55.

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