Baader Bank Aktiengesellschaft Raises Position in Canaan Inc. Sponsored ADR (NASDAQ:CAN)

Baader Bank Aktiengesellschaft grew its holdings in shares of Canaan Inc. Sponsored ADR (NASDAQ:CAN) by 82.6% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 2,384,261 shares of the company’s stock after purchasing an additional 1,078,537 shares during the quarter. Baader Bank Aktiengesellschaft’s holdings in Canaan were worth $2,089,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in CAN. Raymond James Financial Inc. acquired a new stake in shares of Canaan during the 4th quarter worth $33,000. Wellington Management Group LLP purchased a new position in Canaan in the fourth quarter valued at about $48,000. PEAK6 LLC purchased a new position in Canaan in the fourth quarter valued at about $92,000. BNP Paribas Financial Markets purchased a new position in Canaan in the fourth quarter valued at about $92,000. Finally, ExodusPoint Capital Management LP purchased a new position in Canaan in the fourth quarter valued at about $109,000. Hedge funds and other institutional investors own 70.14% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have commented on CAN shares. Rosenblatt Securities reissued a “buy” rating and issued a $5.00 price objective on shares of Canaan in a research report on Tuesday, July 8th. Northland Capmk raised Canaan to a “hold” rating in a research report on Wednesday, June 18th. Northland Securities started coverage on Canaan in a research report on Wednesday, June 18th. They issued a “market perform” rating and a $1.50 price objective on the stock. Wall Street Zen lowered Canaan from a “hold” rating to a “sell” rating in a research report on Saturday, June 21st. Finally, B. Riley cut their price objective on Canaan from $3.00 to $2.00 and set a “buy” rating on the stock in a research report on Thursday, July 10th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $2.67.

Canaan Stock Performance

Shares of NASDAQ CAN opened at $0.65 on Wednesday. The company has a quick ratio of 1.11, a current ratio of 1.50 and a debt-to-equity ratio of 0.09. The firm’s 50-day moving average price is $0.70 and its two-hundred day moving average price is $1.04. Canaan Inc. Sponsored ADR has a 52-week low of $0.53 and a 52-week high of $3.27. The stock has a market capitalization of $243.58 million, a P/E ratio of -0.64 and a beta of 3.29.

Canaan announced that its board has authorized a share buyback plan on Tuesday, May 27th that allows the company to buyback $0.00 in outstanding shares. This buyback authorization allows the company to reacquire shares of its stock through open market purchases. Shares buyback plans are usually an indication that the company’s management believes its stock is undervalued.

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.