Canaan Inc. (NASDAQ:CAN) Shares Acquired by Millennium Management LLC

Millennium Management LLC lifted its holdings in Canaan Inc. (NASDAQ:CAN - Free Report) by 139.7% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 2,808,545 shares of the company's stock after purchasing an additional 1,637,019 shares during the period. Millennium Management LLC owned about 1.00% of Canaan worth $5,758,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of the business. Van ECK Associates Corp lifted its position in shares of Canaan by 12.9% in the 4th quarter. Van ECK Associates Corp now owns 10,368,217 shares of the company's stock worth $21,255,000 after purchasing an additional 1,187,796 shares during the period. Vanguard Group Inc. boosted its stake in Canaan by 2.6% in the fourth quarter. Vanguard Group Inc. now owns 8,760,909 shares of the company's stock valued at $17,960,000 after acquiring an additional 223,241 shares in the last quarter. Marshall Wace LLP acquired a new stake in Canaan in the fourth quarter valued at approximately $5,343,000. Renaissance Technologies LLC purchased a new position in Canaan in the fourth quarter worth $3,689,000. Finally, Baader Bank Aktiengesellschaft increased its position in shares of Canaan by 287.0% during the fourth quarter. Baader Bank Aktiengesellschaft now owns 1,305,724 shares of the company's stock worth $2,677,000 after purchasing an additional 968,347 shares in the last quarter. Hedge funds and other institutional investors own 70.14% of the company's stock.

Canaan Stock Performance

Shares of NASDAQ:CAN traded down $0.03 during midday trading on Friday, reaching $0.60. The company's stock had a trading volume of 40,132,754 shares, compared to its average volume of 14,116,854. The firm has a market capitalization of $168.22 million, a PE ratio of -0.44 and a beta of 3.26. Canaan Inc. has a twelve month low of $0.53 and a twelve month high of $3.27. The stock has a fifty day moving average of $0.74 and a 200 day moving average of $1.47. The company has a quick ratio of 1.45, a current ratio of 2.03 and a debt-to-equity ratio of 0.08.

Canaan (NASDAQ:CAN - Get Free Report) last released its quarterly earnings data on Wednesday, March 26th. The company reported ($2.17) earnings per share for the quarter, missing analysts' consensus estimates of ($0.88) by ($1.29). The business had revenue of $88.77 million during 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 quarter in the previous year, the company earned ($2.16) EPS. On average, equities analysts expect that Canaan Inc. will post -0.74 EPS for the current fiscal year.

Canaan declared that its board has initiated a stock buyback plan on Tuesday, May 27th that authorizes the company to buyback $0.00 in outstanding shares. This buyback authorization authorizes the company to purchase shares of its stock through open market purchases. Shares buyback plans are usually an indication that the company's leadership believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on CAN. Compass Point began coverage on Canaan in a research report on Tuesday, March 18th. They set a "buy" rating and a $2.50 price target on the stock. HC Wainwright restated a "buy" rating and set a $3.00 price target on shares of Canaan in a research note on Thursday, March 27th. Benchmark cut their price target on shares of Canaan from $3.00 to $2.00 and set a "buy" rating on the stock in a research note on Wednesday, May 21st. Finally, Rosenblatt Securities cut their price target on shares of Canaan from $8.00 to $5.00 and set a "buy" rating on the stock in a research note on Wednesday, May 21st. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, Canaan 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.