38,700 Shares in Canaan Inc. (NASDAQ:CAN) Purchased by Chesapeake Capital Corp IL

Chesapeake Capital Corp IL bought a new position in shares of Canaan Inc. (NASDAQ:CAN) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 38,700 shares of the company’s stock, valued at approximately $79,000.

A number of other hedge funds have also recently bought and sold shares of the company. Exchange Traded Concepts LLC purchased a new position in Canaan in the 4th quarter worth about $2,807,000. Van ECK Associates Corp increased its stake in Canaan by 12.9% in the 4th quarter. Van ECK Associates Corp now owns 10,368,217 shares of the company’s stock worth $21,255,000 after purchasing an additional 1,187,796 shares in the last quarter. Baader Bank Aktiengesellschaft increased its stake 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 in the last quarter. Quadrature Capital Ltd increased its stake 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 in the last quarter. Finally, Victory Capital Management Inc. purchased a new position in Canaan in the 4th quarter worth about $598,000. 70.14% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on CAN. Rosenblatt Securities reissued a “buy” rating and issued a $8.00 price target on shares of Canaan in a research note on Monday. Compass Point started coverage on Canaan in a research note on Tuesday. They issued a “buy” rating and a $2.50 price target on the stock. Finally, HC Wainwright reaffirmed a “buy” rating and set a $3.00 target price on shares of Canaan in a research note on Tuesday, March 4th. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $3.88.

Canaan Trading Down 8.7 %

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

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.