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

Vident Advisory LLC boosted its position in shares of Canaan Inc. (NASDAQ:CAN - Free Report) by 2,306.4% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 4,311,718 shares of the company's stock after buying an additional 4,132,539 shares during the period. Vident Advisory LLC owned approximately 1.53% of Canaan worth $8,839,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of CAN. Exchange Traded Concepts LLC acquired a new stake in Canaan during the fourth quarter worth about $2,807,000. Baader Bank Aktiengesellschaft lifted its holdings in shares of Canaan by 287.0% in the fourth quarter. Baader Bank Aktiengesellschaft now owns 1,305,724 shares of the company's stock worth $2,677,000 after acquiring an additional 968,347 shares during the last quarter. Certuity LLC bought a new position in shares of Canaan in the fourth quarter worth about $205,000. Van ECK Associates Corp lifted its holdings in shares of Canaan by 12.9% in the fourth quarter. Van ECK Associates Corp now owns 10,368,217 shares of the company's stock worth $21,255,000 after acquiring an additional 1,187,796 shares during the last quarter. Finally, Private Advisor Group LLC bought a new position in shares of Canaan in the fourth quarter worth about $102,000. 70.14% of the stock is currently owned by institutional investors and hedge funds.

Canaan Trading Down 9.4%

NASDAQ CAN traded down $0.07 during trading hours on Friday, reaching $0.63. The company's stock had a trading volume of 32,993,475 shares, compared to its average volume of 13,456,572. The firm has a fifty day simple moving average of $0.78 and a 200-day simple moving average of $1.50. The stock has a market cap of $178.41 million, a P/E ratio of -0.47 and a beta of 3.26. Canaan Inc. has a 52 week low of $0.53 and a 52 week high of $3.27. The company has a debt-to-equity ratio of 0.08, a current ratio of 2.03 and a quick ratio of 1.45.

Canaan (NASDAQ:CAN - Get Free Report) last issued its quarterly earnings data 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 business had revenue of $88.77 million during the quarter, compared to the consensus estimate 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 last year, the business earned ($2.16) EPS. Equities analysts forecast that Canaan Inc. will post -0.74 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research analysts have recently commented on CAN shares. Benchmark dropped their target price on shares of Canaan from $3.00 to $2.00 and set a "buy" rating for the company in a report on Wednesday. HC Wainwright reissued a "buy" rating and issued a $3.00 target price on shares of Canaan in a report on Thursday, March 27th. Rosenblatt Securities dropped their target price on shares of Canaan from $8.00 to $5.00 and set a "buy" rating for the company in a report on Wednesday. Finally, Compass Point started coverage on shares of Canaan in a report on Tuesday, March 18th. They issued a "buy" rating and a $2.50 target price for the company. One equities 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 company currently has an average rating of "Moderate Buy" and an average target price of $2.90.

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.