Stock Traders Purchase High Volume of Canaan Put Options (NASDAQ:CAN)

Canaan Inc. (NASDAQ:CAN) was the recipient of unusually large options trading activity on Monday. Stock investors bought 2,735 put options on the company. This represents an increase of approximately 51% compared to the typical volume of 1,810 put options.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on CAN. Rosenblatt Securities initiated coverage on shares of Canaan in a report on Wednesday, September 11th. They set a “buy” rating and a $3.00 price objective on the stock. Nomura Securities raised shares of Canaan to a “hold” rating in a research report on Monday, August 19th. B. Riley started coverage on Canaan in a report on Wednesday, September 18th. They set a “buy” rating and a $2.00 price objective on the stock. Finally, HC Wainwright reissued a “buy” rating and issued a $3.00 target price on shares of Canaan in a report on Friday, August 16th. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $3.38.

Canaan Price Performance

Shares of NASDAQ:CAN opened at $0.94 on Wednesday. The stock has a market cap of $262.85 million, a P/E ratio of -0.46 and a beta of 3.08. The firm has a fifty day moving average price of $0.98 and a 200 day moving average price of $1.07. The company has a debt-to-equity ratio of 0.06, a current ratio of 2.88 and a quick ratio of 1.75. Canaan has a 1-year low of $0.72 and a 1-year high of $3.50.

Canaan (NASDAQ:CAN) last issued its quarterly earnings results on Thursday, August 15th. The company reported ($0.15) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.30) by $0.15. Canaan had a negative net margin of 158.65% and a negative return on equity of 59.66%. The firm had revenue of $71.86 million during the quarter, compared to analysts’ expectations of $51.90 million. Sell-side analysts predict that Canaan will post -0.6 EPS for the current year.

Institutional Trading of Canaan

Several hedge funds have recently made changes to their positions in CAN. XTX Topco Ltd purchased a new stake in shares of Canaan during the 2nd quarter worth approximately $79,000. Vanguard Personalized Indexing Management LLC purchased a new stake in Canaan during the second quarter worth $34,000. Impact Partnership Wealth LLC grew its holdings in Canaan by 271.1% in the second quarter. Impact Partnership Wealth LLC now owns 125,990 shares of the company’s stock valued at $126,000 after purchasing an additional 92,038 shares during the last quarter. Van ECK Associates Corp increased its position in shares of Canaan by 55.4% in the second quarter. Van ECK Associates Corp now owns 9,762,972 shares of the company’s stock valued at $9,761,000 after buying an additional 3,482,283 shares in the last quarter. Finally, Commonwealth Equity Services LLC raised its stake in shares of Canaan by 20.4% during the 2nd quarter. Commonwealth Equity Services LLC now owns 215,372 shares of the company’s stock worth $215,000 after buying an additional 36,422 shares during the last quarter. Institutional investors and hedge funds own 70.14% of the company’s stock.

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.