OVERSEA CHINESE BANKING Corp Ltd Invests $556,000 in Canaan Inc. (NASDAQ:CAN)

OVERSEA CHINESE BANKING Corp Ltd bought a new stake in Canaan Inc. (NASDAQ:CAN) in the third quarter, HoldingsChannel reports. The fund bought 550,089 shares of the company’s stock, valued at approximately $556,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Farther Finance Advisors LLC boosted its stake in Canaan by 38.6% during 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. XTX Topco Ltd acquired a new stake in shares of Canaan during the second quarter worth about $79,000. Vanguard Personalized Indexing Management LLC purchased a new position in shares of Canaan during the second quarter worth about $34,000. Impact Partnership Wealth LLC grew its holdings in shares of Canaan by 271.1% during the second quarter. Impact Partnership Wealth LLC now owns 125,990 shares of the company’s stock worth $126,000 after buying an additional 92,038 shares during the last quarter. Finally, Van ECK Associates Corp increased its position in Canaan by 55.4% in the 2nd quarter. Van ECK Associates Corp now owns 9,762,972 shares of the company’s stock valued at $9,761,000 after acquiring an additional 3,482,283 shares during the period. Hedge funds and other institutional investors own 70.14% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have weighed in on CAN. Rosenblatt Securities started coverage on Canaan in a research note on Wednesday, September 11th. They issued a “buy” rating and a $3.00 target price on the stock. Nomura Securities upgraded shares of Canaan to a “hold” rating in a research report on Monday, August 19th. B. Riley initiated coverage on shares of Canaan in a research report on Wednesday, September 18th. They set a “buy” rating and a $2.00 price objective for the company. Finally, HC Wainwright restated a “buy” rating and issued a $3.00 target price on shares of Canaan in a research note on Friday, August 16th. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $3.38.

Canaan Stock Down 8.5 %

Canaan stock opened at $1.51 on Thursday. The stock’s 50 day moving average price is $1.09 and its 200 day moving average price is $1.04. The company has a market cap of $456.56 million, a PE ratio of -0.97 and a beta of 3.06. 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 Inc. has a 1-year low of $0.72 and a 1-year high of $3.50.

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

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.