Canaan Sees Unusually Large Options Volume (NASDAQ:CAN)

Canaan Inc. (NASDAQ:CAN) saw unusually large options trading on Thursday. Stock traders purchased 37,676 call options on the stock. This represents an increase of approximately 350% compared to the average daily volume of 8,368 call options.

Canaan Trading Down 8.1 %

Canaan stock traded down $0.09 during trading hours on Thursday, reaching $1.02. 13,042,413 shares of the company were exchanged, compared to its average volume of 17,552,121. Canaan has a 12 month low of $0.89 and a 12 month high of $3.50. The stock has a 50-day moving average of $1.56 and a 200 day moving average of $1.75. The firm has a market cap of $238.17 million, a price-to-earnings ratio of -0.41 and a beta of 3.01.

Canaan (NASDAQ:CAN) last issued its quarterly earnings data on Tuesday, February 27th. The company reported ($0.35) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.35). Canaan had a negative net margin of 195.84% and a negative return on equity of 80.13%. The business had revenue of $49.07 million during the quarter, compared to analysts’ expectations of $33.90 million. As a group, research analysts forecast that Canaan will post -1.35 EPS for the current year.

Institutional Trading of Canaan

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CAN. Engineers Gate Manager LP bought a new stake in shares of Canaan in the fourth quarter valued at approximately $31,000. New York State Common Retirement Fund increased its position in Canaan by 88.1% during the third quarter. New York State Common Retirement Fund now owns 17,704 shares of the company’s stock worth $32,000 after acquiring an additional 8,290 shares during the period. QRG Capital Management Inc. acquired a new position in Canaan during the 3rd quarter valued at $33,000. Credit Suisse AG boosted its holdings in Canaan by 31,721.2% in the 4th quarter. Credit Suisse AG now owns 16,547 shares of the company’s stock valued at $34,000 after purchasing an additional 16,495 shares during the period. Finally, Bank of America Corp DE boosted its holdings in Canaan by 185.8% in the 1st quarter. Bank of America Corp DE now owns 6,334 shares of the company’s stock valued at $35,000 after purchasing an additional 4,118 shares during the period. Institutional investors and hedge funds own 70.14% of the company’s stock.

About Canaan

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.