Exchange Traded Concepts LLC Makes New Investment in Canaan Inc. (NASDAQ:CAN)

Exchange Traded Concepts LLC acquired a new position in Canaan Inc. (NASDAQ:CAN) during the 4th quarter, Holdings Channel.com reports. The institutional investor acquired 1,369,340 shares of the company’s stock, valued at approximately $2,807,000.

Several other hedge funds also recently made changes to their positions in CAN. Vanguard Personalized Indexing Management LLC acquired a new stake in Canaan during the 2nd quarter worth about $34,000. Old Port Advisors purchased a new position in shares of Canaan in the fourth quarter worth approximately $100,000. XTX Topco Ltd purchased a new stake in shares of Canaan in the 2nd quarter valued at approximately $79,000. Virtu Financial LLC lifted its position in shares of Canaan by 35.2% in the 3rd quarter. Virtu Financial LLC now owns 103,394 shares of the company’s stock valued at $104,000 after acquiring an additional 26,920 shares in the last quarter. Finally, Farther Finance Advisors LLC boosted its stake in Canaan by 38.6% in the 3rd quarter. Farther Finance Advisors LLC now owns 109,409 shares of the company’s stock worth $111,000 after purchasing an additional 30,447 shares during the period. Institutional investors and hedge funds own 70.14% of the company’s stock.

Analyst Ratings Changes

Several analysts have issued reports on the stock. Rosenblatt Securities boosted their target price on shares of Canaan from $3.00 to $4.00 and gave the company a “buy” rating in a research note on Friday, December 6th. HC Wainwright reissued a “buy” rating and issued a $3.00 price objective on shares of Canaan in a research note on Wednesday.

Canaan Trading Down 1.4 %

NASDAQ CAN opened at $2.09 on Friday. The company has a current ratio of 2.03, a quick ratio of 1.45 and a debt-to-equity ratio of 0.08. Canaan Inc. has a 1-year low of $0.72 and a 1-year high of $3.27. The firm’s fifty day simple moving average is $2.19 and its 200-day simple moving average is $1.45. The company has a market capitalization of $588.50 million, a PE ratio of -1.55 and a beta of 3.27.

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.