Two Sigma Investments LP Increases Holdings in Canaan Inc. (NASDAQ:CAN)

Two Sigma Investments LP boosted its stake in Canaan Inc. (NASDAQ:CAN - Free Report) by 69.0% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,325,312 shares of the company's stock after purchasing an additional 949,244 shares during the quarter. Two Sigma Investments LP owned approximately 0.83% of Canaan worth $4,767,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in CAN. EntryPoint Capital LLC purchased a new stake in shares of Canaan in the fourth quarter worth $32,000. Raymond James Financial Inc. bought a new stake in shares of Canaan during the 4th quarter valued at about $33,000. Wellington Management Group LLP purchased a new position in shares of Canaan during the fourth quarter worth about $48,000. Chesapeake Capital Corp IL bought a new position in shares of Canaan in the fourth quarter worth approximately $79,000. Finally, SBI Securities Co. Ltd. purchased a new stake in Canaan in the fourth quarter valued at approximately $83,000. Hedge funds and other institutional investors own 70.14% of the company's stock.

Canaan Stock Performance

Canaan stock traded down $0.03 during midday trading on Friday, reaching $0.60. 40,132,754 shares of the company traded hands, compared to its average volume of 14,116,854. Canaan Inc. has a 12 month low of $0.53 and a 12 month high of $3.27. The company has a debt-to-equity ratio of 0.08, a current ratio of 2.03 and a quick ratio of 1.45. The business has a 50 day moving average of $0.74 and a two-hundred day moving average of $1.47. The firm has a market capitalization of $168.22 million, a price-to-earnings ratio of -0.44 and a beta of 3.26.

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

Canaan declared that its board has authorized a share buyback program on Tuesday, May 27th that permits the company to repurchase $0.00 in shares. This repurchase authorization permits the company to repurchase shares of its stock through open market purchases. Stock repurchase programs are usually an indication that the company's board of directors believes its stock is undervalued.

Analyst Ratings Changes

Several research analysts recently issued reports on CAN shares. Rosenblatt Securities cut their target price on shares of Canaan from $8.00 to $5.00 and set a "buy" rating for the company in a research report on Wednesday, May 21st. HC Wainwright reiterated a "buy" rating and issued a $3.00 price objective on shares of Canaan in a report on Thursday, March 27th. Compass Point began coverage on Canaan in a report on Tuesday, March 18th. They set a "buy" rating and a $2.50 price objective on the stock. Finally, Benchmark dropped their target price on Canaan from $3.00 to $2.00 and set a "buy" rating for the company in a research report on Wednesday, May 21st. One analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, Canaan presently has an average rating of "Moderate Buy" and an average target price of $2.90.

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.