Victory Capital Management Inc. Makes New Investment in Canaan Inc. (NASDAQ:CAN)

Victory Capital Management Inc. purchased a new position in shares of Canaan Inc. (NASDAQ:CAN) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 291,610 shares of the company’s stock, valued at approximately $598,000. Victory Capital Management Inc. owned approximately 0.10% of Canaan at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of the business. SBI Securities Co. Ltd. acquired a new stake in shares of Canaan in the 4th quarter valued at $83,000. Old Port Advisors acquired a new position in Canaan during the 4th quarter worth about $100,000. Private Advisor Group LLC acquired a new position in Canaan during the 4th quarter worth about $102,000. IFP Advisors Inc lifted its position in Canaan by 4,234.0% during the 4th quarter. IFP Advisors Inc now owns 76,105 shares of the company’s stock worth $156,000 after buying an additional 74,349 shares in the last quarter. Finally, Certuity LLC acquired a new position in Canaan during the 4th quarter worth about $205,000. Institutional investors and hedge funds own 70.14% of the company’s stock.

Canaan Price Performance

Shares of CAN opened at $0.96 on Friday. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.45 and a current ratio of 2.03. The stock has a 50 day simple moving average of $1.61 and a 200 day simple moving average of $1.59. Canaan Inc. has a 52-week low of $0.72 and a 52-week high of $3.27. The firm has a market capitalization of $269.92 million, a PE ratio of -0.71 and a beta of 3.39.

Analysts Set New Price Targets

Several research analysts recently issued reports on the stock. Compass Point initiated coverage on shares of Canaan in a research report on Tuesday. They set a “buy” rating and a $2.50 price target on the stock. Rosenblatt Securities reissued a “buy” rating and set a $8.00 price objective on shares of Canaan in a report on Monday, March 17th. Finally, HC Wainwright reissued a “buy” rating and set a $3.00 price objective on shares of Canaan in a report on Tuesday, March 4th. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target 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.