Canaan Target of Unusually High Options Trading (NASDAQ:CAN)

Canaan Inc. (NASDAQ:CAN) was the recipient of some unusual options trading on Monday. Stock traders acquired 2,735 put options on the stock. This is an increase of approximately 51% compared to the typical daily volume of 1,810 put options.

Analysts Set New Price Targets

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

Hedge Funds Weigh In On Canaan

A number of large investors have recently added to or reduced their stakes in the stock. Vanguard Personalized Indexing Management LLC acquired a new stake in shares of Canaan in the 2nd quarter worth $34,000. IvyRock Asset Management HK Ltd purchased a new position in Canaan during the first quarter worth about $73,000. XTX Topco Ltd purchased a new position in Canaan during the second quarter worth about $79,000. Chesapeake Capital Corp IL purchased a new stake in shares of Canaan in the 4th quarter valued at approximately $81,000. Finally, Impact Partnership Wealth LLC increased its stake in Canaan by 271.1% during the second quarter. Impact Partnership Wealth LLC now owns 125,990 shares of the company’s stock worth $126,000 after acquiring an additional 92,038 shares during the last quarter. 70.14% of the stock is currently owned by institutional investors and hedge funds.

Canaan Stock Performance

Shares of NASDAQ:CAN traded down $0.07 during midday trading on Monday, reaching $0.94. The company’s stock had a trading volume of 5,714,131 shares, compared to its average volume of 11,352,724. The company has a quick ratio of 1.75, a current ratio of 2.88 and a debt-to-equity ratio of 0.06. The stock has a fifty day moving average of $0.99 and a 200 day moving average of $1.07. Canaan has a twelve month low of $0.72 and a twelve month high of $3.50. The firm has a market capitalization of $263.02 million, a PE ratio of -0.49 and a beta of 3.08.

Canaan (NASDAQ:CAN) last posted its earnings results on Thursday, August 15th. The company reported ($0.15) EPS for the quarter, topping the consensus estimate of ($0.30) by $0.15. Canaan had a negative return on equity of 59.66% and a negative net margin of 158.65%. The firm had revenue of $71.86 million for the quarter, compared to analyst estimates of $51.90 million. On average, equities analysts expect that Canaan will post -0.6 EPS for the current fiscal year.

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.