Hood River Capital Management LLC Purchases Shares of 962,234 Canaan Inc. (NASDAQ:CAN)

Hood River Capital Management LLC purchased a new stake in shares of Canaan Inc. (NASDAQ:CAN - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor purchased 962,234 shares of the company's stock, valued at approximately $1,973,000. Hood River Capital Management LLC owned 0.34% of Canaan as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the company. Van ECK Associates Corp boosted its position in shares of Canaan by 12.9% in the 4th quarter. Van ECK Associates Corp now owns 10,368,217 shares of the company's stock worth $21,255,000 after purchasing an additional 1,187,796 shares in the last quarter. State Street Corp lifted its position in Canaan by 0.3% in the 3rd quarter. State Street Corp now owns 9,111,069 shares of the company's stock valued at $9,202,000 after acquiring an additional 23,759 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of Canaan by 2.6% during the 4th quarter. Vanguard Group Inc. now owns 8,760,909 shares of the company's stock valued at $17,960,000 after buying an additional 223,241 shares during the period. Marshall Wace LLP bought a new position in shares of Canaan during the 4th quarter valued at $5,343,000. Finally, Renaissance Technologies LLC purchased a new stake in shares of Canaan in the 4th quarter worth $3,689,000. Hedge funds and other institutional investors own 70.14% of the company's stock.

Canaan Stock Down 1.6 %

Shares of CAN traded down $0.01 during midday trading on Tuesday, reaching $0.79. 4,221,205 shares of the stock were exchanged, compared to its average volume of 11,713,268. Canaan Inc. has a 52 week low of $0.65 and a 52 week high of $3.27. The company's 50 day moving average is $0.98 and its two-hundred day moving average is $1.56. The company has a market capitalization of $221.89 million, a P/E ratio of -0.58 and a beta of 3.48. The company has a current ratio of 2.03, a quick ratio of 1.45 and a debt-to-equity ratio of 0.08.

Canaan (NASDAQ:CAN - Get Free Report) last issued its quarterly earnings data on Wednesday, March 26th. The company reported ($2.17) earnings per share for the quarter, missing analysts' consensus estimates of ($0.88) by ($1.29). Canaan had a negative net margin of 128.85% and a negative return on equity of 60.37%. The company had revenue of $88.77 million for the quarter, compared to the consensus estimate of $88.50 million. During the same period in the previous year, the business earned ($2.16) EPS. On average, sell-side analysts anticipate that Canaan Inc. will post -0.74 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on CAN. Compass Point began coverage on Canaan in a research note on Tuesday, March 18th. They issued a "buy" rating and a $2.50 price target for the company. HC Wainwright restated a "buy" rating and set a $3.00 price objective on shares of Canaan in a research report on Thursday, March 27th. Finally, Rosenblatt Securities restated a "buy" rating and set a $8.00 price objective on shares of Canaan in a research report on Friday, April 11th. One analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, Canaan currently has a consensus rating of "Moderate Buy" and an average target price of $3.88.

About Canaan

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.