SRN Advisors LLC Sells 592,756 Shares of Canaan Inc. (NASDAQ:CAN)

SRN Advisors LLC lessened its stake in shares of Canaan Inc. (NASDAQ:CAN) by 80.2% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 146,547 shares of the company’s stock after selling 592,756 shares during the quarter. SRN Advisors LLC owned approximately 0.05% of Canaan worth $147,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in CAN. Vanguard Personalized Indexing Management LLC bought a new stake in shares of Canaan during the 2nd quarter valued at $34,000. Commonwealth Equity Services LLC lifted its holdings in shares of Canaan by 20.4% during the second quarter. Commonwealth Equity Services LLC now owns 215,372 shares of the company’s stock valued at $215,000 after purchasing an additional 36,422 shares during the last quarter. IvyRock Asset Management HK Ltd bought a new stake in shares of Canaan in the 1st quarter worth approximately $73,000. Quadrature Capital Ltd purchased a new position in Canaan during the fourth quarter valued at $153,000. Finally, XTX Topco Ltd bought a new position in Canaan during the second quarter valued at approximately $79,000. 70.14% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of analysts recently commented on the company. B. Riley assumed coverage on Canaan in a research report on Wednesday, September 18th. They set a “buy” rating and a $2.00 price objective for the company. HC Wainwright reissued a “buy” rating and set a $3.00 price target on shares of Canaan in a report on Friday, August 16th. Rosenblatt Securities assumed coverage on Canaan in a research report on Wednesday, September 11th. They set a “buy” rating and a $3.00 target price for the company. Finally, Nomura Securities raised Canaan to a “hold” rating in a report on Monday, August 19th. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, Canaan has a consensus rating of “Moderate Buy” and a consensus price target of $3.38.

Canaan Price Performance

Shares of Canaan stock opened at $0.97 on Wednesday. The firm has a market cap of $271.82 million, a PE ratio of -0.47 and a beta of 3.08. The stock has a 50 day moving average of $0.96 and a 200 day moving average of $1.05. The company has a current ratio of 2.88, a quick ratio of 1.75 and a debt-to-equity ratio of 0.06. Canaan Inc. has a 12 month low of $0.72 and a 12 month high of $3.50.

Canaan (NASDAQ:CAN) last issued its quarterly earnings data on Thursday, August 15th. The company reported ($0.15) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.30) by $0.15. The business had revenue of $71.86 million for the quarter, compared to the consensus estimate of $51.90 million. Canaan had a negative return on equity of 59.66% and a negative net margin of 158.65%. On average, research analysts expect that Canaan Inc. will post -0.6 EPS for the current fiscal year.

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.