Headlands Technologies LLC Invests $1.70 Million in Canaan Inc. (NASDAQ:CAN)

Headlands Technologies LLC acquired a new stake in Canaan Inc. (NASDAQ:CAN) during the fourth quarter, Holdings Channel reports. The fund acquired 828,237 shares of the company’s stock, valued at approximately $1,698,000.

Several other hedge funds also recently added to or reduced their stakes in CAN. EntryPoint Capital LLC acquired a new position in Canaan in the fourth quarter valued at about $32,000. Raymond James Financial Inc. acquired a new position in shares of Canaan in the 4th quarter worth approximately $33,000. Wellington Management Group LLP acquired a new position in shares of Canaan in the 4th quarter worth approximately $48,000. State Street Corp boosted its position in shares of Canaan by 0.3% during the 3rd quarter. State Street Corp now owns 9,111,069 shares of the company’s stock worth $9,202,000 after purchasing an additional 23,759 shares during the period. Finally, Virtu Financial LLC increased its holdings in Canaan by 35.2% in the 3rd quarter. Virtu Financial LLC now owns 103,394 shares of the company’s stock valued at $104,000 after purchasing an additional 26,920 shares during the last quarter. 70.14% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts have recently commented on CAN shares. Compass Point assumed coverage on Canaan in a research report on Tuesday, March 18th. They set a “buy” rating and a $2.50 price target for the company. HC Wainwright restated a “buy” rating and set a $3.00 target price on shares of Canaan in a report on Thursday, March 27th. Finally, Rosenblatt Securities reiterated a “buy” rating and set a $8.00 price target on shares of Canaan in a research note on Thursday, March 27th. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $3.88.

Canaan Trading Down 1.2 %

NASDAQ:CAN opened at $0.87 on Wednesday. Canaan Inc. has a 12-month low of $0.72 and a 12-month high of $3.27. The firm has a market cap of $244.19 million, a PE ratio of -0.64 and a beta of 3.39. The company has a current ratio of 2.03, a quick ratio of 1.45 and a debt-to-equity ratio of 0.08. The stock has a fifty day moving average price of $1.47 and a 200 day moving average price of $1.60.

Canaan (NASDAQ:CAN) last announced its quarterly earnings data on Wednesday, March 26th. The company reported ($2.17) EPS for the quarter, missing analysts’ consensus estimates of ($0.88) by ($1.29). Canaan had a negative return on equity of 60.37% and a negative net margin of 128.85%. The company had revenue of $88.77 million for the quarter, compared to analyst estimates of $88.50 million. During the same period in the prior year, the firm posted ($2.16) earnings per share. Sell-side analysts anticipate that Canaan Inc. will post -0.74 earnings per share 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.