Victory Capital Management Inc. Takes Position in Canaan Inc. (NASDAQ:CAN)

Victory Capital Management Inc. acquired a new stake in shares of Canaan Inc. (NASDAQ:CAN - Free Report) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 291,610 shares of the company's stock, valued at approximately $598,000. Victory Capital Management Inc. owned approximately 0.10% of Canaan at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of the business. Quadrature Capital Ltd increased its holdings in Canaan by 329.4% during the 3rd quarter. Quadrature Capital Ltd now owns 544,976 shares of the company's stock worth $550,000 after purchasing an additional 418,052 shares in the last quarter. Baader Bank Aktiengesellschaft boosted its position in shares of 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 bought a new position in shares of Canaan during the fourth quarter worth about $2,807,000. Private Advisor Group LLC acquired a new stake in Canaan in the 4th quarter valued at approximately $102,000. Finally, State Street Corp lifted its stake in Canaan by 0.3% in the 3rd quarter. State Street Corp now owns 9,111,069 shares of the company's stock valued at $9,202,000 after acquiring an additional 23,759 shares in the last quarter. 70.14% of the stock is currently owned by institutional investors and hedge funds.

Canaan Stock Performance

Shares of CAN stock traded up $0.01 on Tuesday, reaching $1.08. The stock had a trading volume of 10,378,329 shares, compared to its average volume of 11,211,746. Canaan Inc. has a 12 month low of $0.72 and a 12 month high of $3.27. The firm has a market capitalization of $304.11 million, a price-to-earnings ratio of -0.80 and a beta of 3.39. The firm's 50-day moving average is $1.60 and its two-hundred day moving average is $1.60. The company has a quick ratio of 1.45, a current ratio of 2.03 and a debt-to-equity ratio of 0.08.

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Wall Street Analyst Weigh In

Several research analysts recently commented on CAN shares. Rosenblatt Securities restated a "buy" rating and set a $8.00 target price on shares of Canaan in a report on Monday, March 17th. Compass Point started coverage on Canaan in a report on Tuesday, March 18th. They set a "buy" rating and a $2.50 target price on the stock. Finally, HC Wainwright restated a "buy" rating and issued a $3.00 price target on shares of Canaan in a research note on Tuesday, March 4th. 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, the stock has a consensus rating of "Moderate Buy" and an average target price 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.