Baader Bank Aktiengesellschaft Increases Stock Position in Canaan Inc. (NASDAQ:CAN)

Baader Bank Aktiengesellschaft lifted its holdings in shares of Canaan Inc. (NASDAQ:CAN) by 54.0% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 825,876 shares of the company’s stock after buying an additional 289,629 shares during the quarter. Baader Bank Aktiengesellschaft owned about 0.29% of Canaan worth $824,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of CAN. Tower Research Capital LLC TRC bought a new stake in Canaan during the 4th quarter worth approximately $44,000. IvyRock Asset Management HK Ltd bought a new stake in Canaan during the 1st quarter worth approximately $73,000. Chesapeake Capital Corp IL bought a new stake in Canaan during the 4th quarter worth approximately $81,000. Susquehanna Fundamental Investments LLC bought a new stake in Canaan during the 1st quarter worth approximately $149,000. Finally, Quadrature Capital Ltd bought a new stake in Canaan during the 4th quarter worth approximately $153,000. 70.14% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Separately, HC Wainwright reaffirmed a “buy” rating and set a $3.00 target price on shares of Canaan in a report on Monday, May 20th.

Canaan Stock Performance

Canaan stock remained flat at $0.83 during midday trading on Thursday. 7,819,840 shares of the company were exchanged, compared to its average volume of 12,538,562. The firm has a 50 day simple moving average of $1.03 and a two-hundred day simple moving average of $1.22. The company has a current ratio of 2.90, a quick ratio of 2.01 and a debt-to-equity ratio of 0.01. The stock has a market cap of $232.30 million, a price-to-earnings ratio of -0.41 and a beta of 3.09. Canaan Inc. has a twelve month low of $0.72 and a twelve month high of $3.50.

Canaan (NASDAQ:CAN) last issued its quarterly earnings results on Friday, May 17th. The company reported ($0.16) EPS for the quarter, topping analysts’ consensus estimates of ($0.60) by $0.44. The firm had revenue of $35.09 million for the quarter, compared to analyst estimates of $30.10 million. Canaan had a negative net margin of 192.95% and a negative return on equity of 75.57%. On average, sell-side analysts anticipate that Canaan Inc. will post -0.9 earnings per share for the current fiscal year.

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.