Canaan Target of Unusually Large Options Trading (NASDAQ:CAN)

Canaan Inc. (NASDAQ:CAN - Get Free Report) was the recipient of unusually large options trading on Thursday. Stock investors purchased 37,676 call options on the stock. This is an increase of approximately 350% compared to the typical volume of 8,368 call options.

Institutional Investors Weigh In On Canaan

A number of hedge funds and other institutional investors have recently modified their holdings of CAN. Engineers Gate Manager LP bought a new stake in shares of Canaan in the 4th quarter valued at about $31,000. New York State Common Retirement Fund raised its position in Canaan by 88.1% during the 3rd quarter. New York State Common Retirement Fund now owns 17,704 shares of the company's stock valued at $32,000 after purchasing an additional 8,290 shares during the last quarter. QRG Capital Management Inc. bought a new position in Canaan during the 3rd quarter valued at approximately $33,000. Credit Suisse AG raised its position in Canaan by 31,721.2% during the 4th quarter. Credit Suisse AG now owns 16,547 shares of the company's stock valued at $34,000 after purchasing an additional 16,495 shares during the last quarter. Finally, Bank of America Corp DE raised its position in Canaan by 185.8% during the 1st quarter. Bank of America Corp DE now owns 6,334 shares of the company's stock valued at $35,000 after purchasing an additional 4,118 shares during the last quarter. Institutional investors own 70.14% of the company's stock.

Canaan Price Performance

CAN stock traded down $0.19 during mid-day trading on Thursday, hitting $0.92. 19,296,150 shares of the stock were exchanged, compared to its average volume of 17,641,266. The business has a fifty day moving average price of $1.54 and a 200 day moving average price of $1.74. Canaan has a 12 month low of $0.89 and a 12 month high of $3.50. The stock has a market capitalization of $214.84 million, a price-to-earnings ratio of -0.38 and a beta of 3.01.

Canaan (NASDAQ:CAN - Get Free Report) last issued its quarterly earnings results on Tuesday, February 27th. The company reported ($0.35) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.35). Canaan had a negative return on equity of 80.13% and a negative net margin of 195.84%. The firm had revenue of $49.07 million during the quarter, compared to analyst estimates of $33.90 million. As a group, equities analysts forecast that Canaan will post -1.35 EPS for the current fiscal year.

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.