Vident Advisory LLC Purchases 4,132,539 Shares of Canaan Inc. (NASDAQ:CAN)

Vident Advisory LLC lifted its stake in Canaan Inc. (NASDAQ:CAN - Free Report) by 2,306.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 4,311,718 shares of the company's stock after purchasing an additional 4,132,539 shares during the period. Vident Advisory LLC owned about 1.53% of Canaan worth $8,839,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in CAN. Tidal Investments LLC bought a new position in shares of Canaan in the fourth quarter worth about $9,584,000. Marshall Wace LLP bought a new position in shares of Canaan in the fourth quarter worth about $5,343,000. Renaissance Technologies LLC bought a new position in shares of Canaan in the fourth quarter worth about $3,689,000. Millennium Management LLC grew its holdings in shares of Canaan by 139.7% in the fourth 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, Exchange Traded Concepts LLC bought a new position in shares of Canaan in the fourth quarter worth about $2,807,000. 70.14% of the stock is currently owned by institutional investors.

Canaan Stock Performance

CAN stock opened at $0.82 on Tuesday. The firm has a market cap of $230.90 million, a price-to-earnings ratio of -0.61 and a beta of 3.26. The firm has a 50-day simple moving average of $0.81 and a two-hundred day simple moving average of $1.52. Canaan Inc. has a one year low of $0.53 and a one year high of $3.27. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.45 and a current ratio of 2.03.

Canaan (NASDAQ:CAN - Get Free Report) last released its quarterly earnings results on Wednesday, March 26th. The company reported ($2.17) EPS for the quarter, missing the consensus estimate of ($0.88) by ($1.29). The firm had revenue of $88.77 million for the quarter, compared to analysts' expectations 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 company posted ($2.16) earnings per share. On average, equities analysts forecast that Canaan Inc. will post -0.74 EPS for the current fiscal year.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. Compass Point assumed coverage on shares of Canaan in a research note on Tuesday, March 18th. They issued a "buy" rating and a $2.50 price objective for the company. Rosenblatt Securities reaffirmed a "buy" rating and issued a $8.00 price objective on shares of Canaan in a research note on Thursday, May 15th. Benchmark assumed coverage on shares of Canaan in a research note on Tuesday, May 6th. They issued a "buy" rating and a $3.00 price objective for the company. Finally, HC Wainwright reaffirmed a "buy" rating and issued a $3.00 price objective on shares of Canaan in a research note on Thursday, March 27th. One research analyst has rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, Canaan has an average rating of "Moderate Buy" and an average target price of $3.70.

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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