4,675,313 Shares in Canaan Inc. (NASDAQ:CAN) Bought by Tidal Investments LLC

Tidal Investments LLC purchased a new position in shares of Canaan Inc. (NASDAQ:CAN - Free Report) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 4,675,313 shares of the company's stock, valued at approximately $9,584,000. Tidal Investments LLC owned 1.66% of Canaan at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of CAN. EntryPoint Capital LLC bought a new stake in shares of Canaan in the fourth quarter valued at $32,000. Raymond James Financial Inc. bought a new stake in shares of Canaan in the fourth quarter valued at $33,000. Wellington Management Group LLP bought a new stake in shares of Canaan in the fourth quarter valued at $48,000. Chesapeake Capital Corp IL bought a new stake in shares of Canaan in the fourth quarter valued at $79,000. Finally, SBI Securities Co. Ltd. bought a new stake in shares of Canaan in the fourth quarter valued at $83,000. 70.14% of the stock is currently owned by institutional investors.

Canaan Price Performance

Shares of NASDAQ CAN opened at $0.82 on Tuesday. The stock has a market cap of $230.90 million, a PE ratio of -0.61 and a beta of 3.26. Canaan Inc. has a fifty-two week low of $0.53 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 has a fifty day moving average of $0.81 and a 200-day moving average of $1.52.

Canaan (NASDAQ:CAN - Get Free Report) last posted its 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). Canaan had a negative return on equity of 60.37% and a negative net margin of 128.85%. The business had revenue of $88.77 million for the quarter, compared to analysts' expectations of $88.50 million. During the same quarter in the previous year, the firm earned ($2.16) earnings per share. Equities research analysts anticipate that Canaan Inc. will post -0.74 earnings per share for the current year.

Wall Street Analyst Weigh In

Several analysts have issued reports on CAN shares. Benchmark started coverage on Canaan in a research note on Tuesday, May 6th. They issued a "buy" rating and a $3.00 target price on the stock. Compass Point assumed coverage on Canaan in a research report on Tuesday, March 18th. They issued a "buy" rating and a $2.50 price target for the company. HC Wainwright reiterated a "buy" rating and issued a $3.00 price target on shares of Canaan in a research report on Thursday, March 27th. Finally, Rosenblatt Securities reiterated a "buy" rating and issued a $8.00 price target on shares of Canaan in a research report on Thursday, May 15th. One analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $3.70.

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.

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