828,237 Shares in Canaan Inc. (NASDAQ:CAN) Bought by Headlands Technologies LLC

Headlands Technologies LLC acquired a new stake in Canaan Inc. (NASDAQ:CAN) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 828,237 shares of the company’s stock, valued at approximately $1,698,000. Headlands Technologies LLC owned approximately 0.29% of Canaan as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also modified their holdings of the company. Quadrature Capital Ltd increased its stake in shares of Canaan by 329.4% in the 3rd quarter. Quadrature Capital Ltd now owns 544,976 shares of the company’s stock valued at $550,000 after purchasing an additional 418,052 shares in the last quarter. State Street Corp increased its position in shares of Canaan by 0.3% in the third quarter. State Street Corp now owns 9,111,069 shares of the company’s stock valued at $9,202,000 after buying an additional 23,759 shares in the last quarter. XTX Topco Ltd raised its stake in shares of Canaan by 193.3% during the 3rd quarter. XTX Topco Ltd now owns 232,525 shares of the company’s stock worth $235,000 after buying an additional 153,255 shares during the period. Virtu Financial LLC raised its stake in shares of Canaan by 35.2% during the 3rd quarter. Virtu Financial LLC now owns 103,394 shares of the company’s stock worth $104,000 after buying an additional 26,920 shares during the period. Finally, Old Port Advisors purchased a new position in shares of Canaan during the 4th quarter valued at approximately $100,000. Institutional investors and hedge funds own 70.14% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on CAN. HC Wainwright restated a “buy” rating and set a $3.00 price objective on shares of Canaan in a research report on Thursday, March 27th. Compass Point initiated coverage on shares of Canaan in a research report on Tuesday, March 18th. They set a “buy” rating and a $2.50 price target for the company. Finally, Rosenblatt Securities reiterated a “buy” rating and issued a $8.00 price objective on shares of Canaan in a report on Thursday, March 27th. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $3.88.

Canaan Price Performance

Shares of NASDAQ CAN opened at $0.87 on Wednesday. The stock has a market capitalization of $244.19 million, a price-to-earnings ratio of -0.64 and a beta of 3.39. Canaan Inc. has a 52 week low of $0.72 and a 52 week high of $3.27. The firm has a 50-day simple moving average of $1.47 and a 200-day simple moving average of $1.60. The company has a quick ratio of 1.45, a current ratio of 2.03 and a debt-to-equity ratio of 0.08.

Canaan (NASDAQ:CAN) last released its quarterly earnings data on Wednesday, March 26th. The company reported ($2.17) EPS for the quarter, missing analysts’ consensus estimates of ($0.88) by ($1.29). The business had revenue of $88.77 million during the quarter, compared to analyst estimates of $88.50 million. Canaan had a negative net margin of 128.85% and a negative return on equity of 60.37%. During the same quarter in the previous year, the company posted ($2.16) EPS. On average, equities analysts predict that Canaan Inc. will post -0.74 earnings per share for the current fiscal 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.