Prime Capital Investment Advisors LLC Grows Stake in Canaan Inc. (NASDAQ:CAN)

Prime Capital Investment Advisors LLC grew its holdings in shares of Canaan Inc. (NASDAQ:CAN) by 4.9% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 914,385 shares of the company’s stock after purchasing an additional 42,774 shares during the period. Prime Capital Investment Advisors LLC owned approximately 0.30% of Canaan worth $924,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the business. OVERSEA CHINESE BANKING Corp Ltd acquired a new position in Canaan during the 3rd quarter valued at about $556,000. Quadrature Capital Ltd increased its holdings in shares of Canaan by 323.3% during the first quarter. Quadrature Capital Ltd now owns 280,686 shares of the company’s stock valued at $422,000 after acquiring an additional 214,384 shares in the last quarter. Van ECK Associates Corp raised its position in shares of Canaan by 55.4% in the 2nd quarter. Van ECK Associates Corp now owns 9,762,972 shares of the company’s stock valued at $9,761,000 after purchasing an additional 3,482,283 shares during the last quarter. SRN Advisors LLC boosted its stake in Canaan by 4.9% in the 1st quarter. SRN Advisors LLC now owns 739,303 shares of the company’s stock worth $1,124,000 after purchasing an additional 34,382 shares in the last quarter. Finally, Commonwealth Equity Services LLC boosted its stake in Canaan by 20.4% in the 2nd quarter. Commonwealth Equity Services LLC now owns 215,372 shares of the company’s stock worth $215,000 after purchasing an additional 36,422 shares in the last quarter. Institutional investors and hedge funds own 70.14% of the company’s stock.

Wall Street Analysts Forecast Growth

CAN has been the subject of a number of research analyst reports. Rosenblatt Securities began coverage on shares of Canaan in a report on Wednesday, September 11th. They issued a “buy” rating and a $3.00 price target for the company. B. Riley started coverage on Canaan in a research note on Wednesday, September 18th. They issued a “buy” rating and a $2.00 target price for the company. HC Wainwright reiterated a “buy” rating and set a $3.00 price target on shares of Canaan in a research note on Friday, August 16th. Finally, Nomura Securities upgraded Canaan to a “hold” rating in a research note on Monday, August 19th. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $3.38.

Canaan Trading Down 2.0 %

NASDAQ CAN opened at $1.48 on Friday. Canaan Inc. has a 1 year low of $0.72 and a 1 year high of $3.50. The company has a debt-to-equity ratio of 0.06, a current ratio of 2.88 and a quick ratio of 1.75. The company has a market capitalization of $447.49 million, a PE ratio of -0.95 and a beta of 3.06. The company has a fifty day moving average of $1.10 and a 200 day moving average of $1.04.

Canaan (NASDAQ:CAN) last issued its quarterly earnings data on Thursday, August 15th. The company reported ($0.15) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.30) by $0.15. The business had revenue of $71.86 million during the quarter, compared to analysts’ expectations of $51.90 million. Canaan had a negative return on equity of 59.66% and a negative net margin of 158.65%. Research analysts forecast that Canaan Inc. will post -0.6 earnings per share for the current 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.