SRN Advisors LLC Acquires 34,382 Shares of Canaan Inc. (NASDAQ:CAN)

SRN Advisors LLC boosted its holdings in Canaan Inc. (NASDAQ:CAN) by 4.9% during the first quarter, HoldingsChannel.com reports. The fund owned 739,303 shares of the company’s stock after purchasing an additional 34,382 shares during the period. SRN Advisors LLC’s holdings in Canaan were worth $1,124,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the business. Van ECK Associates Corp boosted its stake in shares of Canaan by 38.0% in the 1st quarter. Van ECK Associates Corp now owns 6,280,689 shares of the company’s stock valued at $9,546,000 after purchasing an additional 1,730,528 shares in the last quarter. SG Americas Securities LLC grew its stake in Canaan by 33.6% during the first quarter. SG Americas Securities LLC now owns 5,385,073 shares of the company’s stock worth $8,185,000 after buying an additional 1,354,333 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Canaan by 72.2% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,782,634 shares of the company’s stock worth $4,118,000 after buying an additional 747,152 shares in the last quarter. Nomura Holdings Inc. raised its stake in shares of Canaan by 1,463.2% in the fourth quarter. Nomura Holdings Inc. now owns 1,271,925 shares of the company’s stock valued at $2,938,000 after acquiring an additional 1,190,557 shares during the last quarter. Finally, Baader Bank Aktiengesellschaft boosted its holdings in shares of Canaan by 662.5% in the 4th quarter. Baader Bank Aktiengesellschaft now owns 736,247 shares of the company’s stock worth $1,701,000 after acquiring an additional 639,690 shares in the last quarter. Institutional investors and hedge funds own 70.14% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Canaan Price Performance

NASDAQ CAN traded down $0.05 on Friday, hitting $0.93. 5,736,737 shares of the company were exchanged, compared to its average volume of 6,509,715. Canaan Inc. has a 1-year low of $0.75 and a 1-year high of $3.50. The firm has a 50 day moving average of $1.06 and a two-hundred day moving average of $1.27. 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 company has a market cap of $259.90 million, a P/E ratio of -0.45 and a beta of 3.09.

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