Russell Investments Group Ltd. Buys New Stake in Canaan Inc. (NASDAQ:CAN)

Russell Investments Group Ltd. purchased a new stake in shares of Canaan Inc. (NASDAQ:CAN - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 385,598 shares of the company's stock, valued at approximately $856,000. Russell Investments Group Ltd. owned 0.14% of Canaan as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. EntryPoint Capital LLC bought a new stake in shares of Canaan in the fourth quarter worth about $32,000. Raymond James Financial Inc. acquired a new stake in Canaan during the 4th quarter valued at $33,000. Wellington Management Group LLP acquired a new position in shares of Canaan in the fourth quarter valued at $48,000. State Street Corp raised its position in shares of Canaan by 0.3% in 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. Finally, Virtu Financial LLC lifted its stake in shares of Canaan by 35.2% during 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. Institutional investors own 70.14% of the company's stock.

Canaan Trading Up 4.1 %

Shares of NASDAQ:CAN traded up $0.03 during trading on Friday, reaching $0.83. 10,750,191 shares of the company traded hands, compared to its average volume of 11,727,439. 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 capitalization of $234.56 million, a price-to-earnings ratio of -0.62 and a beta of 3.48. Canaan Inc. has a 52-week low of $0.65 and a 52-week high of $3.27. The business's fifty day moving average is $1.00 and its 200-day moving average is $1.55.

Canaan (NASDAQ:CAN - Get Free Report) last released its quarterly 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 firm had revenue of $88.77 million for the quarter, compared to the consensus estimate of $88.50 million. Canaan had a negative net margin of 128.85% and a negative return on equity of 60.37%. During the same quarter in the prior year, the firm earned ($2.16) earnings per share. As a group, analysts forecast that Canaan Inc. will post -0.74 EPS for the current year.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. 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. Rosenblatt Securities reiterated a "buy" rating and issued a $8.00 price target on shares of Canaan in a research note on Friday, April 11th. Finally, Compass Point assumed coverage on shares of Canaan in a research report on Tuesday, March 18th. They set a "buy" rating and a $2.50 price objective for the company. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $3.88.

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.