Renaissance Technologies LLC Purchases Shares of 1,799,725 Canaan Inc. (NASDAQ:CAN)

Renaissance Technologies LLC acquired a new position in Canaan Inc. (NASDAQ:CAN - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 1,799,725 shares of the company's stock, valued at approximately $3,689,000. Renaissance Technologies LLC owned approximately 0.64% of Canaan as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. EntryPoint Capital LLC bought a new position in shares of Canaan in the 4th quarter worth about $32,000. Raymond James Financial Inc. bought a new position in shares of Canaan in the 4th quarter worth about $33,000. Wellington Management Group LLP bought a new position in shares of Canaan in the 4th quarter worth about $48,000. State Street Corp lifted its position in shares of Canaan by 0.3% in the 3rd quarter. State Street Corp now owns 9,111,069 shares of the company's stock worth $9,202,000 after buying an additional 23,759 shares during the last quarter. Finally, Virtu Financial LLC lifted its position in shares of Canaan by 35.2% in the 3rd quarter. Virtu Financial LLC now owns 103,394 shares of the company's stock worth $104,000 after buying an additional 26,920 shares during the last quarter. 70.14% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. Rosenblatt Securities reaffirmed a "buy" rating and issued a $8.00 price objective on shares of Canaan in a report on Friday, April 11th. Compass Point assumed coverage on shares of Canaan in a report on Tuesday, March 18th. They issued a "buy" rating and a $2.50 price objective on the stock. Finally, HC Wainwright reaffirmed a "buy" rating and issued a $3.00 price objective on shares of Canaan in a report on Thursday, March 27th. 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.com, the company currently has an average rating of "Moderate Buy" and an average price target of $3.88.

Canaan Price Performance

Shares of CAN stock traded down $0.03 during midday trading on Monday, reaching $0.80. 13,011,741 shares of the company were exchanged, compared to its average volume of 11,742,388. Canaan Inc. has a 12 month low of $0.65 and a 12 month high of $3.27. The company has a market cap of $225.46 million, a P/E ratio of -0.59 and a beta of 3.48. The company's 50 day moving average price is $0.98 and its two-hundred day moving average price is $1.56. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.45 and a current ratio of 2.03.

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