Geode Capital Management LLC Sells 602,184 Shares of Canaan Inc. (NASDAQ:CAN)

Geode Capital Management LLC trimmed its position in Canaan Inc. (NASDAQ:CAN - Free Report) by 29.9% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,409,298 shares of the company's stock after selling 602,184 shares during the quarter. Geode Capital Management LLC owned about 0.50% of Canaan worth $2,889,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. EntryPoint Capital LLC purchased a new position in Canaan during the 4th quarter valued at approximately $32,000. Raymond James Financial Inc. purchased a new position in shares of Canaan in the fourth quarter valued at $33,000. Wellington Management Group LLP bought a new stake in Canaan in the fourth quarter worth $48,000. Virtu Financial LLC raised its stake in Canaan by 35.2% during the third quarter. Virtu Financial LLC now owns 103,394 shares of the company's stock valued at $104,000 after purchasing an additional 26,920 shares in the last quarter. Finally, Chesapeake Capital Corp IL bought a new position in Canaan during the fourth quarter valued at $79,000. Institutional investors own 70.14% of the company's stock.

Analyst Ratings Changes

A number of brokerages recently commented on CAN. Compass Point started coverage on shares of Canaan in a report on Tuesday, March 18th. They issued a "buy" rating and a $2.50 price target for the company. HC Wainwright reiterated a "buy" rating and issued a $3.00 target price on shares of Canaan in a report on Thursday, March 27th. Finally, Rosenblatt Securities reissued a "buy" rating and set a $8.00 target price on shares of Canaan in a research report on Friday, April 11th. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company's stock. According to MarketBeat, Canaan has an average rating of "Moderate Buy" and a consensus target price of $3.88.

Canaan Trading Down 1.6 %

Shares of NASDAQ CAN traded down $0.01 during midday trading on Thursday, hitting $0.69. The company's stock had a trading volume of 21,738,735 shares, compared to its average volume of 11,758,925. The business's 50 day moving average is $0.94 and its two-hundred day moving average is $1.55. Canaan Inc. has a 12-month low of $0.65 and a 12-month high of $3.27. The company has a current ratio of 2.03, a quick ratio of 1.45 and a debt-to-equity ratio of 0.08. The firm has a market cap of $194.91 million, a P/E ratio of -0.51 and a beta of 3.48.

Canaan (NASDAQ:CAN - Get Free Report) last released its earnings results on Wednesday, March 26th. The company reported ($2.17) earnings per share for the quarter, missing the consensus estimate of ($0.88) by ($1.29). The business had revenue of $88.77 million for the quarter, compared to the consensus estimate of $88.50 million. Canaan had a negative return on equity of 60.37% and a negative net margin of 128.85%. During the same quarter last year, the business posted ($2.16) earnings per share. As a group, equities research analysts expect that Canaan Inc. will post -0.74 EPS for the current year.

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.