Van ECK Associates Corp lifted its position in Canaan Inc. (NASDAQ:CAN - Free Report) by 12.9% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 10,368,217 shares of the company's stock after purchasing an additional 1,187,796 shares during the quarter. Van ECK Associates Corp owned about 3.68% of Canaan worth $21,255,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently modified their holdings of the company. Certuity LLC purchased a new stake in shares of Canaan in the fourth quarter valued at about $205,000. Baader Bank Aktiengesellschaft boosted its stake in Canaan by 287.0% during the fourth quarter. Baader Bank Aktiengesellschaft now owns 1,305,724 shares of the company's stock worth $2,677,000 after buying an additional 968,347 shares during the period. Exchange Traded Concepts LLC purchased a new position in Canaan during the fourth quarter worth about $2,807,000. Old Port Advisors purchased a new position in Canaan during the fourth quarter worth about $100,000. Finally, Virtu Financial LLC boosted its stake in Canaan by 35.2% during the third quarter. Virtu Financial LLC now owns 103,394 shares of the company's stock worth $104,000 after buying an additional 26,920 shares during the period. Hedge funds and other institutional investors own 70.14% of the company's stock.
Analyst Upgrades and Downgrades
CAN has been the subject of several research analyst reports. HC Wainwright reaffirmed a "buy" rating and set a $3.00 target price on shares of Canaan in a research note on Wednesday, January 22nd. Rosenblatt Securities increased their target price on shares of Canaan from $3.00 to $4.00 and gave the stock a "buy" rating in a research note on Friday, December 6th.
Read Our Latest Stock Analysis on CAN
Canaan Stock Down 3.6 %
Shares of CAN traded down $0.07 during mid-day trading on Tuesday, hitting $1.73. 5,076,708 shares of the company's stock were exchanged, compared to its average volume of 15,826,409. The company has a market cap of $485.73 million, a price-to-earnings ratio of -1.28 and a beta of 3.26. Canaan Inc. has a fifty-two week low of $0.72 and a fifty-two week high of $3.27. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.45 and a current ratio of 2.03. The stock's 50-day moving average is $2.13 and its 200-day moving average is $1.54.
Canaan Profile
(
Free Report)
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.
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