Canaan Inc. Sponsored ADR (NASDAQ:CAN) Shares Acquired by Baader Bank Aktiengesellschaft

Key Points

• Baader Bank Aktiengesellschaft increased its stake in Canaan Inc. by 82.6%, owning approximately 2,384,261 shares valued at $2,089,000 as of the latest SEC filing.
• Canaan's stock is currently priced at $0.65, with a 52-week range between $0.53 and $3.27, and a market capitalization of $243.58 million.
• The company's board has initiated a share repurchase plan, indicating a belief that its shares are undervalued, though the authorization allows for repurchasing $0.00 in outstanding shares.

Baader Bank Aktiengesellschaft boosted its position in Canaan Inc. Sponsored ADR (NASDAQ:CAN - Free Report) by 82.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,384,261 shares of the company's stock after purchasing an additional 1,078,537 shares during the period. Baader Bank Aktiengesellschaft owned about 0.85% of Canaan worth $2,089,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in CAN. BNP Paribas Financial Markets acquired a new stake in shares of Canaan during the 4th quarter valued at approximately $92,000. Millennium Management LLC grew its stake in Canaan by 139.7% in the 4th quarter. Millennium Management LLC now owns 2,808,545 shares of the company's stock worth $5,758,000 after acquiring an additional 1,637,019 shares during the period. Raymond James Financial Inc. purchased a new stake in Canaan in the 4th quarter worth approximately $33,000. Russell Investments Group Ltd. purchased a new stake in Canaan in the 4th quarter worth approximately $856,000. Finally, Two Sigma Investments LP grew its stake in Canaan by 69.0% in the 4th quarter. Two Sigma Investments LP now owns 2,325,312 shares of the company's stock worth $4,767,000 after acquiring an additional 949,244 shares during the period. Institutional investors and hedge funds own 70.14% of the company's stock.

Canaan Stock Down 4.5%

Shares of NASDAQ:CAN traded down $0.03 during midday trading on Friday, hitting $0.66. 49,099,454 shares of the company's stock traded hands, compared to its average volume of 55,797,620. The company has a debt-to-equity ratio of 0.09, a quick ratio of 1.11 and a current ratio of 1.50. The company has a market cap of $245.78 million, a PE ratio of -0.65 and a beta of 3.25. The firm's fifty day moving average price is $0.70 and its two-hundred day moving average price is $1.03. Canaan Inc. Sponsored ADR has a twelve month low of $0.53 and a twelve month high of $3.27.

Canaan declared that its board has authorized a stock buyback plan on Tuesday, May 27th that allows the company to buyback $0.00 in outstanding shares. This buyback authorization allows the company to reacquire shares of its stock through open market purchases. Stock buyback plans are generally a sign that the company's management believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several analysts have commented on CAN shares. Northland Capmk raised shares of Canaan to a "hold" rating in a research note on Wednesday, June 18th. Northland Securities began coverage on shares of Canaan in a research note on Wednesday, June 18th. They issued a "market perform" rating and a $1.50 target price for the company. Wall Street Zen cut shares of Canaan from a "hold" rating to a "sell" rating in a research note on Saturday, June 21st. Benchmark lowered their price objective on shares of Canaan from $3.00 to $2.00 and set a "buy" rating for the company in a research note on Wednesday, May 21st. Finally, B. Riley lowered their price objective on shares of Canaan from $3.00 to $2.00 and set a "buy" rating for the company in a research note on Thursday, July 10th. One 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. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $2.67.

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.