Traders Purchase Large Volume of Call Options on Canaan (NASDAQ:CAN)

Canaan Inc. Sponsored ADR (NASDAQ:CAN - Get Free Report) saw unusually large options trading activity on Monday. Investors purchased 16,718 call options on the company. This represents an increase of approximately 470% compared to the average volume of 2,935 call options.

Canaan Price Performance

Shares of NASDAQ CAN traded down $0.02 during midday trading on Thursday, reaching $0.95. 84,454,325 shares of the stock traded hands, compared to its average volume of 18,624,587. The company has a debt-to-equity ratio of 0.09, a current ratio of 1.50 and a quick ratio of 1.11. The stock has a market capitalization of $355.82 million, a PE ratio of -0.94 and a beta of 3.29. Canaan has a one year low of $0.53 and a one year high of $3.27. The company's 50 day moving average is $0.69 and its 200 day moving average is $1.13.

Canaan declared that its board has approved a share repurchase plan on Tuesday, May 27th that permits the company to buyback $0.00 in shares. This buyback authorization permits the company to purchase shares of its stock through open market purchases. Stock buyback plans are often a sign that the company's board believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on CAN. Northland Capmk raised shares of Canaan to a "hold" rating in a report on Wednesday, June 18th. Benchmark cut their price objective on shares of Canaan from $3.00 to $2.00 and set a "buy" rating for the company in a report on Wednesday, May 21st. B. Riley cut their price objective on shares of Canaan from $3.00 to $2.00 and set a "buy" rating for the company in a report on Thursday, July 10th. Northland Securities initiated coverage on shares of Canaan in a report on Wednesday, June 18th. They set a "market perform" rating and a $1.50 price objective for the company. Finally, Wall Street Zen lowered shares of Canaan from a "hold" rating to a "sell" rating in a report on Saturday, June 21st. One investment analyst has rated the stock with a sell rating, three have given a hold rating and five have given a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $2.67.

Institutional Trading of Canaan

Institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its position in Canaan by 2.6% in the fourth quarter. Vanguard Group Inc. now owns 8,760,909 shares of the company's stock worth $17,960,000 after buying an additional 223,241 shares during the last quarter. Invesco Ltd. lifted its position in Canaan by 5,016.8% in the first quarter. Invesco Ltd. now owns 7,235,144 shares of the company's stock worth $6,351,000 after buying an additional 7,093,743 shares during the last quarter. Tidal Investments LLC bought a new stake in Canaan in the fourth quarter worth $9,584,000. Vident Advisory LLC lifted its position in Canaan by 2,306.4% in the fourth quarter. Vident Advisory LLC now owns 4,311,718 shares of the company's stock worth $8,839,000 after buying an additional 4,132,539 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Canaan by 15.4% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 3,941,515 shares of the company's stock worth $3,460,000 after purchasing an additional 525,772 shares during the period. 70.14% of the stock is currently owned by institutional investors.

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.