Sei Investments Co. Takes Position in Canaan Inc. (NASDAQ:CAN)

Sei Investments Co. purchased a new stake in Canaan Inc. (NASDAQ:CAN - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 366,393 shares of the company's stock, valued at approximately $751,000. Sei Investments Co. owned 0.13% of Canaan as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Van ECK Associates Corp raised its holdings in Canaan by 12.9% in the fourth quarter. Van ECK Associates Corp now owns 10,368,217 shares of the company's stock worth $21,255,000 after purchasing an additional 1,187,796 shares during the period. State Street Corp lifted its holdings in Canaan by 0.3% during the third quarter. State Street Corp now owns 9,111,069 shares of the company's stock worth $9,202,000 after acquiring an additional 23,759 shares in the last quarter. Exchange Traded Concepts LLC acquired a new position in Canaan in the fourth quarter valued at about $2,807,000. Baader Bank Aktiengesellschaft increased its holdings 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 worth $2,677,000 after acquiring an additional 968,347 shares in the last quarter. Finally, Victory Capital Management Inc. bought a new position in shares of Canaan during the 4th quarter valued at about $598,000. 70.14% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts have commented on CAN shares. HC Wainwright restated a "buy" rating and set a $3.00 target price on shares of Canaan in a report on Thursday, March 27th. Rosenblatt Securities reaffirmed a "buy" rating and issued a $8.00 target price on shares of Canaan in a research note on Friday. Finally, Compass Point assumed coverage on Canaan in a research note on Tuesday, March 18th. They issued a "buy" rating and a $2.50 price target on the stock. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $3.88.

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Canaan Stock Up 3.8 %

CAN stock traded up $0.02 during midday trading on Friday, hitting $0.67. The company's stock had a trading volume of 24,029,263 shares, compared to its average volume of 11,809,288. The company's fifty day moving average price is $1.22 and its 200 day moving average price is $1.58. Canaan Inc. has a twelve month low of $0.65 and a twelve month high of $3.27. The company has a debt-to-equity ratio of 0.08, a current ratio of 2.03 and a quick ratio of 1.45. The stock has a market capitalization of $189.93 million, a P/E ratio of -0.50 and a beta of 3.48.

Canaan (NASDAQ:CAN - Get Free Report) last issued 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). The company had revenue of $88.77 million for the quarter, compared to analyst estimates 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 period last year, the company posted ($2.16) earnings per share. As a group, equities research analysts predict that Canaan Inc. will post -0.74 EPS 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.