Public Employees Retirement System of Ohio Makes New Investment in Canaan Inc. (NASDAQ:CAN)

Public Employees Retirement System of Ohio acquired a new position in Canaan Inc. (NASDAQ:CAN - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 677,634 shares of the company's stock, valued at approximately $1,389,000. Public Employees Retirement System of Ohio owned about 0.24% of Canaan as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. EntryPoint Capital LLC acquired a new position in shares of Canaan during the 4th quarter valued at about $32,000. Raymond James Financial Inc. bought a new stake in Canaan during the fourth quarter worth approximately $33,000. Wellington Management Group LLP acquired a new position in Canaan during the fourth quarter valued at approximately $48,000. Chesapeake Capital Corp IL bought a new position in shares of Canaan in the fourth quarter valued at approximately $79,000. Finally, GTS Securities LLC raised its position in shares of Canaan by 137.7% in the fourth quarter. GTS Securities LLC now owns 67,648 shares of the company's stock valued at $139,000 after purchasing an additional 39,183 shares during the period. Institutional investors own 70.14% of the company's stock.

Canaan Stock Performance

CAN traded down $0.05 on Thursday, hitting $0.57. 24,947,651 shares of the stock traded hands, compared to its average volume of 14,515,308. The business has a fifty day moving average price of $0.73 and a two-hundred day moving average price of $1.46. The company has a current ratio of 2.03, a quick ratio of 1.45 and a debt-to-equity ratio of 0.08. The firm has a market capitalization of $213.67 million, a PE ratio of -0.43 and a beta of 3.32. Canaan Inc. has a 52 week low of $0.53 and a 52 week high of $3.27.

Canaan (NASDAQ:CAN - Get Free Report) last announced its quarterly earnings data on Wednesday, March 26th. The company reported ($2.17) earnings per share for the quarter, missing the consensus estimate of ($0.88) by ($1.29). The firm had revenue of $88.77 million for the quarter, compared to analyst estimates of $88.50 million. Canaan had a negative return on equity of 60.37% and a negative net margin of 128.85%. During the same period in the previous year, the business posted ($2.16) EPS. On average, research analysts predict that Canaan Inc. will post -0.74 EPS for the current fiscal year.

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

Analyst Ratings Changes

Several research analysts recently commented on the stock. HC Wainwright reiterated a "buy" rating and issued a $3.00 target price on shares of Canaan in a report on Thursday, March 27th. Rosenblatt Securities lowered their price target on Canaan from $8.00 to $5.00 and set a "buy" rating on the stock in a research report on Wednesday, May 21st. Compass Point initiated coverage on Canaan in a research report on Tuesday, March 18th. They set a "buy" rating and a $2.50 price objective for the company. Finally, Benchmark lowered their target price on Canaan from $3.00 to $2.00 and set a "buy" rating on the stock in a report on Wednesday, May 21st. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $2.90.

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.