Millennium Management LLC Has $5.76 Million Stake in Canaan Inc. (NASDAQ:CAN)

Millennium Management LLC lifted its position in shares of Canaan Inc. (NASDAQ:CAN - Free Report) by 139.7% during the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 2,808,545 shares of the company's stock after buying an additional 1,637,019 shares during the quarter. Millennium Management LLC owned approximately 1.00% of Canaan worth $5,758,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. Baader Bank Aktiengesellschaft raised its position in Canaan by 287.0% during the fourth quarter. Baader Bank Aktiengesellschaft now owns 1,305,724 shares of the company's stock valued at $2,677,000 after purchasing an additional 968,347 shares during the period. Certuity LLC purchased a new stake in Canaan in the fourth quarter worth about $205,000. Van ECK Associates Corp boosted its stake in shares of Canaan by 12.9% during the fourth quarter. Van ECK Associates Corp now owns 10,368,217 shares of the company's stock valued at $21,255,000 after purchasing an additional 1,187,796 shares in the last quarter. Private Advisor Group LLC bought a new stake in Canaan during the 4th quarter valued at $102,000. Finally, IFP Advisors Inc grew its stake in Canaan by 4,234.0% in the fourth quarter. IFP Advisors Inc now owns 76,105 shares of the company's stock valued at $156,000 after purchasing an additional 74,349 shares during the last quarter. Hedge funds and other institutional investors own 70.14% of the company's stock.

Canaan Stock Performance

NASDAQ CAN traded down $0.03 on Friday, reaching $0.60. The stock had a trading volume of 40,132,754 shares, compared to its average volume of 14,050,893. The business's 50-day moving average price is $0.75 and its 200 day moving average price is $1.48. Canaan Inc. has a 12-month low of $0.53 and a 12-month high of $3.27. The stock has a market cap of $168.22 million, a P/E ratio of -0.44 and a beta of 3.26. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.45 and a current ratio of 2.03.

Canaan (NASDAQ:CAN - Get Free Report) last issued its earnings results on Wednesday, March 26th. The company reported ($2.17) earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 period last year, the company posted ($2.16) earnings per share. As a group, equities analysts expect that Canaan Inc. will post -0.74 earnings per share for the current year.

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

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on CAN. Benchmark dropped their price target on Canaan from $3.00 to $2.00 and set a "buy" rating on the stock in a research note on Wednesday, May 21st. HC Wainwright reiterated a "buy" rating and issued a $3.00 price objective on shares of Canaan in a research report on Thursday, March 27th. Compass Point began coverage on shares of Canaan in a report on Tuesday, March 18th. They set a "buy" rating and a $2.50 price objective on the stock. Finally, Rosenblatt Securities decreased their price objective on Canaan from $8.00 to $5.00 and set a "buy" rating on the stock in a report on Wednesday, May 21st. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $2.90.

About Canaan

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.