Canaan Inc. (NASDAQ:CAN) Shares Sold by MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.

MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. cut its stake in Canaan Inc. (NASDAQ:CAN - Free Report) by 49.2% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 3,415,743 shares of the company's stock after selling 3,307,700 shares during the quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. owned about 1.21% of Canaan worth $7,002,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. EntryPoint Capital LLC purchased a new stake in Canaan during the fourth quarter worth approximately $32,000. Raymond James Financial Inc. purchased a new stake in Canaan during the fourth quarter worth approximately $33,000. Wellington Management Group LLP purchased a new stake in Canaan during the fourth quarter worth approximately $48,000. Chesapeake Capital Corp IL purchased a new stake in Canaan during the fourth quarter worth approximately $79,000. Finally, SBI Securities Co. Ltd. purchased a new stake in Canaan during the fourth quarter worth approximately $83,000. 70.14% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on CAN shares. Benchmark decreased their target price on Canaan from $3.00 to $2.00 and set a "buy" rating for the company in a research note on Wednesday. Compass Point started 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 reaffirmed a "buy" rating and set a $3.00 price target on shares of Canaan in a research report on Thursday, March 27th. Finally, Rosenblatt Securities cut their price target on Canaan from $8.00 to $5.00 and set a "buy" rating on the stock in a research report on Wednesday. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $2.90.

Canaan Stock Performance

Shares of NASDAQ:CAN traded down $0.08 during trading on Wednesday, reaching $0.68. The company had a trading volume of 50,590,518 shares, compared to its average volume of 13,196,581. The firm has a market capitalization of $192.49 million, a price-to-earnings ratio of -0.51 and a beta of 3.26. 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 stock's fifty day moving average price is $0.81 and its 200 day moving average price is $1.52. Canaan Inc. has a fifty-two week low of $0.53 and a fifty-two week high of $3.27.

Canaan (NASDAQ:CAN - Get Free Report) last released 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). The company had revenue of $88.77 million during the quarter, compared to analyst estimates 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 period in the previous year, the firm posted ($2.16) EPS. As a group, equities research analysts predict that Canaan Inc. will post -0.74 EPS for the current year.

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.