Exchange Traded Concepts LLC Takes $2.81 Million Position in Canaan Inc. (NASDAQ:CAN)

Exchange Traded Concepts LLC purchased a new position in shares of Canaan Inc. (NASDAQ:CAN) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 1,369,340 shares of the company’s stock, valued at approximately $2,807,000. Exchange Traded Concepts LLC owned approximately 0.49% of Canaan as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. OVERSEA CHINESE BANKING Corp Ltd purchased a new stake in shares of Canaan during the third quarter worth about $556,000. Quadrature Capital Ltd raised its position 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. XTX Topco Ltd boosted 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 valued at $235,000 after buying an additional 153,255 shares during the last quarter. Old Port Advisors acquired a new stake in shares of Canaan during the fourth quarter worth approximately $100,000. Finally, Prime Capital Investment Advisors LLC increased its stake in shares of Canaan by 4.9% in the third quarter. Prime Capital Investment Advisors LLC now owns 914,385 shares of the company’s stock worth $924,000 after buying an additional 42,774 shares during the last quarter. Hedge funds and other institutional investors own 70.14% of the company’s stock.

Canaan Price Performance

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

Analyst Ratings Changes

CAN has been the subject of several recent analyst reports. Rosenblatt Securities raised 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. HC Wainwright reiterated a “buy” rating and issued a $3.00 price objective on shares of Canaan in a research report on Wednesday.

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.