50,000 Shares in Canaan Inc. (NASDAQ:CAN) Bought by Private Advisor Group LLC

Private Advisor Group LLC bought a new position in Canaan Inc. (NASDAQ:CAN) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 50,000 shares of the company’s stock, valued at approximately $102,000.

Other hedge funds have also modified their holdings of the company. Van ECK Associates Corp grew its holdings in shares of Canaan by 12.9% during the fourth quarter. Van ECK Associates Corp now owns 10,368,217 shares of the company’s stock valued at $21,255,000 after buying an additional 1,187,796 shares in the last quarter. Certuity LLC acquired a new position in shares of Canaan during the 4th quarter worth about $205,000. Baader Bank Aktiengesellschaft raised its holdings in Canaan by 287.0% in the 4th quarter. Baader Bank Aktiengesellschaft now owns 1,305,724 shares of the company’s stock valued at $2,677,000 after acquiring an additional 968,347 shares in the last quarter. Exchange Traded Concepts LLC acquired a new position in Canaan in the 4th quarter valued at approximately $2,807,000. Finally, Old Port Advisors acquired a new position in Canaan in the 4th quarter valued at approximately $100,000. 70.14% of the stock is currently owned by institutional investors and hedge funds.

Canaan Stock Up 2.4 %

NASDAQ CAN opened at $1.27 on Friday. The stock’s 50 day simple moving average is $1.84 and its 200 day simple moving average is $1.59. Canaan Inc. has a one year low of $0.72 and a one year high of $3.27. The company has a debt-to-equity ratio of 0.08, a current ratio of 2.03 and a quick ratio of 1.45. The firm has a market cap of $357.61 million, a PE ratio of -0.94 and a beta of 3.39.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on CAN shares. HC Wainwright reiterated a “buy” rating and issued a $3.00 price objective on shares of Canaan in a research note on Tuesday. Rosenblatt Securities restated a “buy” rating and set a $8.00 price target on shares of Canaan in a research report on Tuesday.

Canaan Company 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.