Canaan Inc. (NASDAQ:CAN) Shares Acquired by Van ECK Associates Corp

Van ECK Associates Corp lifted its holdings in shares of Canaan Inc. (NASDAQ:CAN) by 12.9% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 10,368,217 shares of the company’s stock after acquiring an additional 1,187,796 shares during the quarter. Van ECK Associates Corp’s holdings in Canaan were worth $21,255,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Quadrature Capital Ltd lifted its holdings in shares of Canaan by 329.4% during the 3rd quarter. Quadrature Capital Ltd now owns 544,976 shares of the company’s stock valued at $550,000 after acquiring an additional 418,052 shares in 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 buying an additional 968,347 shares in the last quarter. OVERSEA CHINESE BANKING Corp Ltd acquired a new position in Canaan in the 3rd quarter worth $556,000. Exchange Traded Concepts LLC acquired a new position in Canaan in the 4th quarter worth $2,807,000. 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 buying an additional 23,759 shares in the last quarter. Institutional investors and hedge funds own 70.14% of the company’s stock.

Analyst Ratings Changes

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

Canaan Stock Performance

Shares of Canaan stock opened at $1.79 on Friday. The firm has a market cap of $504.03 million, a PE ratio of -1.33 and a beta of 3.26. The firm’s 50-day simple moving average is $2.15 and its 200-day simple moving average is $1.53. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.45 and a current ratio of 2.03. Canaan Inc. has a 1 year low of $0.72 and a 1 year high of $3.27.

About Canaan

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.