Two Sigma Advisers LP Purchases 977,600 Shares of Canaan Inc. (NASDAQ:CAN)

Two Sigma Advisers LP boosted its position in Canaan Inc. (NASDAQ:CAN - Free Report) by 251.9% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,365,700 shares of the company's stock after buying an additional 977,600 shares during the quarter. Two Sigma Advisers LP owned approximately 0.49% of Canaan worth $2,800,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently made changes to their positions in CAN. EntryPoint Capital LLC bought a new position in Canaan in the 4th quarter worth approximately $32,000. Raymond James Financial Inc. purchased a new stake in shares of Canaan during the fourth quarter worth $33,000. Wellington Management Group LLP purchased a new stake in shares of Canaan during the fourth quarter worth $48,000. Chesapeake Capital Corp IL bought a new position in shares of Canaan in the fourth quarter worth $79,000. Finally, SBI Securities Co. Ltd. purchased a new position in shares of Canaan in the fourth quarter valued at $83,000. 70.14% of the stock is currently owned by institutional investors.

Canaan Price Performance

Canaan stock traded down $0.03 during midday trading on Friday, hitting $0.60. 40,132,754 shares of the company's stock were exchanged, compared to its average volume of 14,116,854. The company 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. The stock has a 50-day moving average price of $0.74 and a two-hundred day moving average price of $1.47. 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 issued its quarterly earnings data on Wednesday, March 26th. The company reported ($2.17) EPS for the quarter, missing the consensus estimate of ($0.88) by ($1.29). The business had revenue of $88.77 million for the quarter, compared to analysts' expectations 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 firm posted ($2.16) EPS. On average, equities research analysts forecast that Canaan Inc. will post -0.74 earnings per share for the current year.

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

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the company. Compass Point assumed coverage on Canaan in a research note on Tuesday, March 18th. They set a "buy" rating and a $2.50 price objective on the stock. Benchmark decreased their price target on Canaan from $3.00 to $2.00 and set a "buy" rating on the stock in a research report on Wednesday, May 21st. Rosenblatt Securities lowered their price target on shares of Canaan from $8.00 to $5.00 and set a "buy" rating on the stock in a report on Wednesday, May 21st. Finally, HC Wainwright restated a "buy" rating and issued a $3.00 price objective on shares of Canaan in a research report on Thursday, March 27th. One analyst has rated the stock with a hold rating and five have issued a buy rating to the company's stock. Based on data from 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.