Van ECK Associates Corp Reduces Stock Holdings in Canaan Inc. (NASDAQ:CAN)

Van ECK Associates Corp lessened its position in shares of Canaan Inc. (NASDAQ:CAN - Free Report) by 6.0% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 9,180,421 shares of the company's stock after selling 582,551 shares during the period. Van ECK Associates Corp owned 3.28% of Canaan worth $8,908,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the stock. SG Americas Securities LLC raised its position in Canaan by 33.6% in the 1st quarter. SG Americas Securities LLC now owns 5,385,073 shares of the company's stock valued at $8,185,000 after buying an additional 1,354,333 shares during the last quarter. IvyRock Asset Management HK Ltd purchased a new position in shares of Canaan in the first quarter valued at $73,000. Susquehanna Fundamental Investments LLC bought a new position in shares of Canaan in the first quarter valued at approximately $149,000. Headlands Technologies LLC purchased a new stake in shares of Canaan in the first quarter worth $290,000. Finally, Quadrature Capital Ltd boosted its holdings in shares of Canaan by 323.3% in 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 in the last quarter. Institutional investors and hedge funds own 70.14% of the company's stock.

Canaan Trading Down 3.0 %

CAN stock traded down $0.05 during trading on Thursday, hitting $1.44. The company had a trading volume of 6,027,705 shares, compared to its average volume of 10,620,904. The firm has a market capitalization of $433.88 million, a P/E ratio of -0.95 and a beta of 3.06. The company has a 50 day simple moving average of $1.03 and a 200-day simple moving average of $1.02. Canaan Inc. has a 52-week low of $0.72 and a 52-week high of $3.50. The company has a quick ratio of 1.75, a current ratio of 2.88 and a debt-to-equity ratio of 0.06.

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

Wall Street Analyst Weigh In

Several brokerages have commented on CAN. Nomura Securities upgraded shares of Canaan to a "hold" rating in a report on Monday, August 19th. Rosenblatt Securities assumed coverage on Canaan in a research note on Wednesday, September 11th. They issued a "buy" rating and a $3.00 price target for the company. B. Riley initiated coverage on Canaan in a report on Wednesday, September 18th. They issued a "buy" rating and a $2.00 price objective for the company. Finally, HC Wainwright restated a "buy" rating and issued a $3.00 price target on shares of Canaan in a research note on Friday, August 16th. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target 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.