Certuity LLC Purchases New Shares in Canaan Inc. (NASDAQ:CAN)

Certuity LLC acquired a new position in Canaan Inc. (NASDAQ:CAN) in the 4th quarter, Holdings Channel reports. The firm acquired 100,000 shares of the company’s stock, valued at approximately $205,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Quadrature Capital Ltd raised its stake in Canaan by 329.4% in the third quarter. Quadrature Capital Ltd now owns 544,976 shares of the company’s stock worth $550,000 after buying an additional 418,052 shares in the last quarter. Baader Bank Aktiengesellschaft grew its holdings in shares of Canaan by 287.0% during the 4th quarter. Baader Bank Aktiengesellschaft now owns 1,305,724 shares of the company’s stock worth $2,677,000 after acquiring an additional 968,347 shares during the period. OVERSEA CHINESE BANKING Corp Ltd bought a new position in shares of Canaan in the 3rd quarter worth approximately $556,000. Exchange Traded Concepts LLC purchased a new position in shares of Canaan in the 4th quarter valued at approximately $2,807,000. Finally, State Street Corp boosted its position in shares of Canaan by 0.3% during the third quarter. State Street Corp now owns 9,111,069 shares of the company’s stock valued at $9,202,000 after purchasing an additional 23,759 shares in the last quarter. 70.14% of the stock is owned by hedge funds and other institutional investors.

Canaan Stock Performance

Shares of CAN opened at $1.75 on Friday. 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 stock has a market cap of $492.77 million, a P/E ratio of -1.30 and a beta of 3.26. The business’s 50 day moving average price is $2.18 and its 200-day moving average price is $1.53. Canaan Inc. has a 52 week low of $0.72 and a 52 week high of $3.27.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. Rosenblatt Securities increased their price objective on Canaan from $3.00 to $4.00 and gave the stock a “buy” rating in a report on Friday, December 6th. HC Wainwright reaffirmed a “buy” rating and issued a $3.00 target price on shares of Canaan in a research report on Wednesday, January 22nd.

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.