Vident Advisory LLC Has $1.79 Million Stock Position in Canaan Inc. Sponsored ADR $CAN

Key Points

• Vident Advisory LLC has cut its stake in Canaan Inc. by 52.8%, reducing its holdings to 2,034,207 shares valued at approximately $1.79 million during the first quarter.
• Other hedge funds have increased their positions in Canaan, with Invesco Ltd. boosting its holdings by 5,016.8% to own over 7 million shares worth $6.35 million.
• Canaan's quarterly earnings showed an EPS of (-$0.03), exceeding expectations, while analysts maintain a consensus rating of "Moderate Buy" with an average price target of $2.50.

Vident Advisory LLC reduced its holdings in shares of Canaan Inc. Sponsored ADR (NASDAQ:CAN - Free Report) by 52.8% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,034,207 shares of the company's stock after selling 2,277,511 shares during the quarter. Vident Advisory LLC owned 0.72% of Canaan worth $1,790,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the business. Virtu Financial LLC acquired a new position in shares of Canaan during the first quarter valued at about $320,000. Invesco Ltd. boosted its holdings in Canaan by 5,016.8% during the first quarter. Invesco Ltd. now owns 7,235,144 shares of the company's stock worth $6,351,000 after purchasing an additional 7,093,743 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in Canaan by 53.9% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 763,259 shares of the company's stock worth $670,000 after purchasing an additional 267,322 shares during the last quarter. Baader Bank Aktiengesellschaft boosted its holdings in Canaan by 82.6% during the first quarter. Baader Bank Aktiengesellschaft now owns 2,384,261 shares of the company's stock worth $2,089,000 after purchasing an additional 1,078,537 shares during the last quarter. Finally, SBI Securities Co. Ltd. boosted its holdings in Canaan by 280.2% during the first quarter. SBI Securities Co. Ltd. now owns 153,399 shares of the company's stock worth $135,000 after purchasing an additional 113,049 shares during the last quarter. 70.14% of the stock is currently owned by institutional investors and hedge funds.

Canaan Stock Performance

Shares of CAN stock opened at $0.75 on Tuesday. The firm has a market cap of $277.81 million, a price-to-earnings ratio of -0.83 and a beta of 3.45. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.32 and a current ratio of 1.78. Canaan Inc. Sponsored ADR has a 52 week low of $0.53 and a 52 week high of $3.27. The firm's 50-day simple moving average is $0.73 and its two-hundred day simple moving average is $0.83.

Canaan (NASDAQ:CAN - Get Free Report) last announced its quarterly earnings data on Thursday, August 14th. The company reported ($0.03) EPS for the quarter, topping the consensus estimate of ($0.13) by $0.10. The business had revenue of $13.95 million for the quarter, compared to analyst estimates of $13.29 million. Canaan had a negative net margin of 77.01% and a negative return on equity of 92.49%. Canaan has set its Q3 2025 guidance at EPS. As a group, equities analysts forecast that Canaan Inc. Sponsored ADR will post -0.74 earnings per share for the current year.

Canaan announced that its board has initiated a stock repurchase plan on Tuesday, May 27th that allows the company to repurchase $0.00 in outstanding shares. This repurchase authorization allows the company to buy shares of its stock through open market purchases. Shares repurchase plans are typically an indication that the company's leadership believes its stock is undervalued.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the stock. Northland Securities assumed coverage on shares of Canaan in a report on Wednesday, June 18th. They set a "market perform" rating and a $1.50 price target on the stock. B. Riley cut their price target on shares of Canaan from $3.00 to $2.00 and set a "buy" rating on the stock in a report on Thursday, July 10th. Rosenblatt Securities restated a "buy" rating and set a $4.00 price target on shares of Canaan in a report on Friday. Benchmark cut their price target on shares of Canaan from $3.00 to $2.00 and set a "buy" rating on the stock in a report on Wednesday, May 21st. Finally, Wall Street Zen upgraded shares of Canaan from a "sell" rating to a "hold" rating in a report on Saturday, August 16th. Five analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $2.50.

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.

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