Chesapeake Capital Corp IL Takes $79,000 Position in Canaan Inc. (NASDAQ:CAN)

Chesapeake Capital Corp IL purchased a new stake in shares of Canaan Inc. (NASDAQ:CAN) in the 4th quarter, HoldingsChannel reports. The institutional investor purchased 38,700 shares of the company’s stock, valued at approximately $79,000.

Other institutional investors have also made changes to their positions in the company. Quadrature Capital Ltd lifted its holdings in Canaan by 329.4% in the 3rd quarter. Quadrature Capital Ltd now owns 544,976 shares of the company’s stock worth $550,000 after purchasing an additional 418,052 shares during the last quarter. Baader Bank Aktiengesellschaft lifted its holdings in Canaan by 287.0% in the 4th quarter. Baader Bank Aktiengesellschaft now owns 1,305,724 shares of the company’s stock worth $2,677,000 after purchasing an additional 968,347 shares during the last quarter. Exchange Traded Concepts LLC acquired a new stake in Canaan in the 4th quarter worth approximately $2,807,000. Private Advisor Group LLC acquired a new stake in Canaan in the 4th quarter worth approximately $102,000. Finally, State Street Corp lifted its holdings in Canaan by 0.3% in 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 last quarter. 70.14% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

CAN has been the subject of several analyst reports. HC Wainwright restated a “buy” rating and issued a $3.00 target price on shares of Canaan in a report on Tuesday, March 4th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $8.00 price target on shares of Canaan in a research report on Monday. Finally, Compass Point initiated coverage on Canaan in a research report on Tuesday. They issued a “buy” rating and a $2.50 price target on the stock. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $3.88.

Canaan Stock Performance

Shares of NASDAQ CAN opened at $0.98 on Wednesday. The company has a quick ratio of 1.45, a current ratio of 2.03 and a debt-to-equity ratio of 0.08. The business’s 50 day moving average is $1.67 and its two-hundred day moving average is $1.60. The company has a market cap of $274.96 million, a P/E ratio of -0.72 and a beta of 3.39. Canaan Inc. has a 12 month low of $0.72 and a 12 month high of $3.27.

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.