Exchange Traded Concepts LLC Boosts Stake in Canaan Inc. Sponsored ADR (NASDAQ:CAN)

Exchange Traded Concepts LLC increased its stake in shares of Canaan Inc. Sponsored ADR (NASDAQ:CAN - Free Report) by 35.5% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,855,479 shares of the company's stock after purchasing an additional 486,139 shares during the period. Exchange Traded Concepts LLC owned 0.66% of Canaan worth $1,629,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of the stock. Vanguard Group Inc. raised its position in shares of Canaan by 2.6% during the 4th quarter. Vanguard Group Inc. now owns 8,760,909 shares of the company's stock worth $17,960,000 after purchasing an additional 223,241 shares during the last quarter. Tidal Investments LLC acquired a new position in shares of Canaan during the 4th quarter worth about $9,584,000. Vident Advisory LLC raised its position in shares of Canaan by 2,306.4% during the 4th quarter. Vident Advisory LLC now owns 4,311,718 shares of the company's stock worth $8,839,000 after purchasing an additional 4,132,539 shares during the last quarter. Millennium Management LLC raised its position in shares of Canaan by 139.7% during the 4th quarter. Millennium Management LLC now owns 2,808,545 shares of the company's stock worth $5,758,000 after purchasing an additional 1,637,019 shares during the last quarter. Finally, Marshall Wace LLP acquired a new stake in Canaan in the 4th quarter valued at about $5,343,000. Institutional investors and hedge funds own 70.14% of the company's stock.

Canaan Trading Down 2.9%

Shares of Canaan stock traded down $0.02 during mid-day trading on Friday, hitting $0.61. The stock had a trading volume of 33,305,735 shares, compared to its average volume of 15,580,692. The firm has a 50-day moving average of $0.70 and a two-hundred day moving average of $1.35. Canaan Inc. Sponsored ADR has a 12-month low of $0.53 and a 12-month high of $3.27. The company has a quick ratio of 1.11, a current ratio of 1.50 and a debt-to-equity ratio of 0.09. The firm has a market cap of $226.95 million, a P/E ratio of -0.60 and a beta of 3.32.

Canaan (NASDAQ:CAN - Get Free Report) last posted its quarterly 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). Canaan had a negative net margin of 93.62% and a negative return on equity of 98.53%. The firm had revenue of $88.77 million during the quarter, compared to analysts' expectations of $88.50 million. During the same period last year, the company earned ($2.16) EPS. Sell-side analysts forecast that Canaan Inc. Sponsored ADR 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 authorizes the company to buyback $0.00 in shares. This buyback authorization authorizes the company to buy shares of its stock through open market purchases. Shares buyback programs are generally a sign that the company's board believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of analysts have commented on CAN shares. Wall Street Zen downgraded shares of Canaan from a "hold" rating to a "sell" rating in a report on Saturday. Benchmark cut their price objective on shares of Canaan from $3.00 to $2.00 and set a "buy" rating for the company in a report on Wednesday, May 21st. Northland Capmk upgraded shares of Canaan to a "hold" rating in a report on Wednesday. HC Wainwright reiterated a "buy" rating and issued a $3.00 price objective on shares of Canaan in a report on Thursday, March 27th. Finally, Rosenblatt Securities reiterated a "buy" rating and issued a $5.00 price objective on shares of Canaan in a report on Monday, June 16th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, Canaan has a consensus rating of "Hold" and a consensus price target of $2.67.

Canaan Company 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.