OMERS ADMINISTRATION Corp Invests $841,000 in Canaan Inc. (NASDAQ:CAN)

OMERS ADMINISTRATION Corp acquired a new position in shares of Canaan Inc. (NASDAQ:CAN - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 410,100 shares of the company's stock, valued at approximately $841,000. OMERS ADMINISTRATION Corp owned 0.15% of Canaan as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. EntryPoint Capital LLC bought a new stake in shares of Canaan in the fourth quarter worth $32,000. Raymond James Financial Inc. acquired a new stake in Canaan in the 4th quarter valued at $33,000. Wellington Management Group LLP bought a new stake in Canaan during the 4th quarter worth about $48,000. Chesapeake Capital Corp IL bought a new stake in Canaan during the 4th quarter worth about $79,000. Finally, SBI Securities Co. Ltd. acquired a new position in shares of Canaan during the 4th quarter worth about $83,000. 70.14% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research firms recently issued reports on CAN. HC Wainwright reaffirmed a "buy" rating and issued a $3.00 target price on shares of Canaan in a research report on Thursday, March 27th. Rosenblatt Securities cut their price objective on Canaan from $8.00 to $5.00 and set a "buy" rating for the company in a report on Wednesday. Compass Point initiated coverage on shares of Canaan in a research report on Tuesday, March 18th. They set a "buy" rating and a $2.50 price target on the stock. Finally, Benchmark lowered their price objective on shares of Canaan from $3.00 to $2.00 and set a "buy" rating on the stock in a research note on Wednesday. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $2.90.

Canaan Stock Performance

Shares of CAN stock traded down $0.08 during trading on Wednesday, reaching $0.68. 50,590,518 shares of the company's stock were exchanged, compared to its average volume of 13,196,581. Canaan Inc. has a twelve month low of $0.53 and a twelve month high of $3.27. The firm's fifty day moving average price is $0.81 and its 200-day moving average price is $1.52. The company has a quick ratio of 1.45, a current ratio of 2.03 and a debt-to-equity ratio of 0.08. The stock has a market capitalization of $192.49 million, a PE ratio of -0.51 and a beta of 3.26.

Canaan (NASDAQ:CAN - Get Free Report) last released 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 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 quarter in the prior year, the firm earned ($2.16) earnings per share. As a group, sell-side analysts anticipate that Canaan Inc. will post -0.74 EPS for the current year.

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.