Virtu Financial LLC Makes New Investment in Canaan Inc. Sponsored ADR $CAN

Key Points

• Virtu Financial LLC has made a new investment of approximately $320,000 in Canaan Inc. by purchasing 364,032 shares, representing a 0.13% stake in the company.
• Several institutional investors have increased their stakes in Canaan, with hedge funds owning 70.14% of the company's stock, highlighting a strong interest from larger financial entities.
• Canaan Inc. reported earnings that surpassed analysts' expectations, with revenue of $13.95 million for the quarter, beating the forecast of $13.29 million.

Virtu Financial LLC bought a new position in Canaan Inc. Sponsored ADR (NASDAQ:CAN - Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 364,032 shares of the company's stock, valued at approximately $320,000. Virtu Financial LLC owned approximately 0.13% of Canaan as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Invesco Ltd. grew 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 buying an additional 7,093,743 shares in the last quarter. Tidal Investments LLC bought a new position in Canaan in the 4th quarter valued at $9,584,000. Vident Advisory LLC grew its stake in Canaan by 2,306.4% in the 4th quarter. Vident Advisory LLC now owns 4,311,718 shares of the company's stock valued at $8,839,000 after purchasing an additional 4,132,539 shares during the period. Marshall Wace LLP bought a new position in Canaan in the 4th quarter valued at $5,343,000. Finally, Renaissance Technologies LLC bought a new position in Canaan in the 4th quarter valued at $3,689,000. 70.14% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on CAN. Benchmark reduced their price objective on Canaan from $3.00 to $2.00 and set a "buy" rating for the company in a report on Wednesday, May 21st. Wall Street Zen upgraded Canaan from a "sell" rating to a "hold" rating in a research note on Saturday. B. Riley cut their price target on Canaan from $3.00 to $2.00 and set a "buy" rating for the company in a research note on Thursday, July 10th. Northland Securities began coverage on Canaan in a research note on Wednesday, June 18th. They set a "market perform" rating and a $1.50 price target for the company. Finally, Northland Capmk upgraded Canaan to a "hold" rating in a research note on Wednesday, June 18th. Five analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $2.50.

Canaan Price Performance

Shares of CAN traded down $0.0422 during trading hours on Tuesday, reaching $0.6960. 29,001,791 shares of the company's stock traded hands, compared to its average volume of 27,415,553. The stock has a market cap of $259.54 million, a PE ratio of -0.78 and a beta of 3.25. The company has a current ratio of 1.50, a quick ratio of 1.11 and a debt-to-equity ratio of 0.09. The firm's 50 day simple moving average is $0.72 and its 200-day simple moving average is $0.91. Canaan Inc. Sponsored ADR has a 12 month low of $0.5347 and a 12 month high of $3.27.

Canaan (NASDAQ:CAN - Get Free Report) last announced its quarterly earnings data on Thursday, August 14th. The company reported ($0.03) earnings per share for the quarter, beating analysts' consensus estimates of ($0.13) by $0.10. The company had revenue of $13.95 million for the quarter, compared to analysts' expectations of $13.29 million. Canaan had a negative return on equity of 96.52% and a negative net margin of 77.01%. Canaan has set its Q3 2025 guidance at EPS. Equities analysts expect that Canaan Inc. Sponsored ADR will post -0.74 EPS for the current year.

Canaan declared that its Board of Directors has initiated a share buyback plan on Tuesday, May 27th that authorizes the company to buyback $0.00 in outstanding shares. This buyback authorization authorizes the company to repurchase shares of its stock through open market purchases. Shares buyback plans are usually a sign that the company's management believes its shares are undervalued.

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.