Marshall Wace LLP Makes New $5.34 Million Investment in Canaan Inc. (NASDAQ:CAN)

Marshall Wace LLP bought a new position in shares of Canaan Inc. (NASDAQ:CAN - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund bought 2,606,334 shares of the company's stock, valued at approximately $5,343,000. Marshall Wace LLP owned about 0.93% of Canaan as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Baader Bank Aktiengesellschaft increased its holdings in Canaan by 287.0% in the fourth quarter. Baader Bank Aktiengesellschaft now owns 1,305,724 shares of the company's stock valued at $2,677,000 after purchasing an additional 968,347 shares during the last quarter. Exchange Traded Concepts LLC bought a new stake in shares of Canaan in the 4th quarter valued at about $2,807,000. Private Advisor Group LLC acquired a new stake in shares of Canaan in the 4th quarter valued at approximately $102,000. Victory Capital Management Inc. bought a new position in Canaan during the 4th quarter worth approximately $598,000. Finally, State Street Corp grew its holdings in Canaan by 0.3% during the third quarter. State Street Corp now owns 9,111,069 shares of the company's stock valued at $9,202,000 after purchasing an additional 23,759 shares during the period. Institutional investors and hedge funds own 70.14% of the company's stock.

Canaan Price Performance

Shares of CAN traded down $0.03 during midday trading on Tuesday, hitting $0.77. The company's stock had a trading volume of 3,185,556 shares, compared to its average volume of 11,709,254. The company has a quick ratio of 1.45, a current ratio of 2.03 and a debt-to-equity ratio of 0.08. Canaan Inc. has a one year low of $0.65 and a one year high of $3.27. The stock has a market capitalization of $217.94 million, a price-to-earnings ratio of -0.57 and a beta of 3.48. The company's fifty day simple moving average is $0.98 and its two-hundred day simple moving average is $1.56.

Canaan (NASDAQ:CAN - Get Free Report) last posted its 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 business had revenue of $88.77 million for the quarter, compared to analyst estimates 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 in the prior year, the business earned ($2.16) earnings per share. As a group, equities analysts expect that Canaan Inc. will post -0.74 earnings per share for the current fiscal year.

Analyst Ratings Changes

CAN has been the subject of several recent analyst reports. Compass Point initiated coverage on Canaan in a report on Tuesday, March 18th. They issued a "buy" rating and a $2.50 price target for the company. HC Wainwright reissued a "buy" rating and set a $3.00 target price on shares of Canaan in a research note on Thursday, March 27th. Finally, Rosenblatt Securities reaffirmed a "buy" rating and issued a $8.00 price target on shares of Canaan in a research note on Friday, April 11th. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $3.88.

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.