Canaan Inc. (NASDAQ:CAN) Shares Acquired by State Street Corp

State Street Corp boosted its stake in Canaan Inc. (NASDAQ:CAN) by 0.3% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 9,111,069 shares of the company’s stock after acquiring an additional 23,759 shares during the period. State Street Corp owned about 3.01% of Canaan worth $9,202,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of the stock. Farther Finance Advisors LLC increased its holdings in shares of Canaan by 38.6% in the 3rd quarter. Farther Finance Advisors LLC now owns 109,409 shares of the company’s stock valued at $111,000 after purchasing an additional 30,447 shares in the last quarter. Vanguard Personalized Indexing Management LLC purchased a new position in Canaan in the second quarter valued at about $34,000. Commonwealth Equity Services LLC lifted its position in shares of Canaan by 20.4% during the 2nd quarter. Commonwealth Equity Services LLC now owns 215,372 shares of the company’s stock valued at $215,000 after acquiring an additional 36,422 shares during the period. Prime Capital Investment Advisors LLC boosted its stake in shares of Canaan by 4.9% during the 3rd quarter. Prime Capital Investment Advisors LLC now owns 914,385 shares of the company’s stock worth $924,000 after acquiring an additional 42,774 shares in the last quarter. Finally, XTX Topco Ltd acquired a new stake in shares of Canaan in the 2nd quarter worth approximately $79,000. Institutional investors and hedge funds own 70.14% of the company’s stock.

Canaan Price Performance

NASDAQ:CAN opened at $2.29 on Friday. The company has a quick ratio of 1.45, a current ratio of 2.03 and a debt-to-equity ratio of 0.08. The business’s 50-day moving average price is $1.86 and its 200 day moving average price is $1.30. Canaan Inc. has a 52-week low of $0.72 and a 52-week high of $3.50. The firm has a market cap of $644.82 million, a P/E ratio of -1.70 and a beta of 3.24.

Wall Street Analyst Weigh In

CAN has been the topic of a number of research analyst reports. Rosenblatt Securities lifted their price target on shares of Canaan from $3.00 to $4.00 and gave the company a “buy” rating in a report on Friday, December 6th. B. Riley began coverage on shares of Canaan in a research report on Wednesday, September 18th. They set a “buy” rating and a $2.00 target price for the company. Finally, HC Wainwright reaffirmed a “buy” rating and set a $3.00 price target on shares of Canaan in a research report on Thursday, November 21st.

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.