OVERSEA CHINESE BANKING Corp Ltd Acquires 777,019 Shares of Canaan Inc. Sponsored ADR $CAN

OVERSEA CHINESE BANKING Corp Ltd increased its holdings in shares of Canaan Inc. Sponsored ADR (NASDAQ:CAN) by 135.5% in the 3rd quarter, HoldingsChannel reports. The firm owned 1,350,460 shares of the company’s stock after acquiring an additional 777,019 shares during the period. OVERSEA CHINESE BANKING Corp Ltd’s holdings in Canaan were worth $1,190,000 at the end of the most recent quarter.

Separately, Goldman Sachs Group Inc. boosted its holdings in shares of Canaan by 52.0% during the 1st quarter. Goldman Sachs Group Inc. now owns 587,451 shares of the company’s stock worth $516,000 after buying an additional 200,869 shares in the last quarter. Institutional investors own 70.14% of the company’s stock.

Canaan Trading Down 6.3%

Canaan stock opened at $0.82 on Friday. The company has a market capitalization of $305.82 million, a price-to-earnings ratio of -1.21 and a beta of 2.88. Canaan Inc. Sponsored ADR has a 12 month low of $0.53 and a 12 month high of $2.39. The business’s fifty day simple moving average is $0.88 and its two-hundred day simple moving average is $0.93.

Canaan (NASDAQ:CAN) last released its quarterly earnings data on Tuesday, November 18th. The company reported ($0.05) EPS for the quarter, topping the consensus estimate of ($0.06) by $0.01. The company had revenue of $21.17 million during the quarter, compared to the consensus estimate of $18.26 million. Canaan had a negative return on equity of 71.85% and a negative net margin of 51.66%.During the same period last year, the company earned ($0.01) EPS. On average, equities research analysts predict that Canaan Inc. Sponsored ADR will post -0.74 EPS for the current year.

Canaan announced that its Board of Directors has initiated a share repurchase program on Wednesday, December 17th that authorizes the company to repurchase $0.00 in shares. This repurchase authorization authorizes the company to repurchase shares of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s leadership believes its shares are undervalued.

Analyst Ratings Changes

CAN has been the subject of several research analyst reports. Northland Securities set a $1.75 price objective on shares of Canaan in a research note on Friday, October 3rd. Weiss Ratings restated a “sell (d-)” rating on shares of Canaan in a report on Wednesday, October 8th. Rosenblatt Securities restated a “buy” rating and set a $4.00 price objective on shares of Canaan in a report on Thursday. Benchmark upped their target price on shares of Canaan from $2.00 to $4.00 and gave the stock a “buy” rating in a report on Thursday, October 23rd. Finally, BTIG Research reaffirmed a “buy” rating on shares of Canaan in a report on Friday. Six analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $2.96.

Canaan Company Profile

Canaan Inc is a China-based technology company specializing in the design and manufacture of high-performance computing hardware for the digital currency and blockchain industry. The company’s core business revolves around application-specific integrated circuit (ASIC) miners, which are purpose-built machines optimized for cryptocurrency mining. By focusing on energy efficiency and processing power, Canaan’s mining rigs aim to deliver competitive hash rates while managing power consumption in large-scale operations.

The flagship product line, known as AvalonMiner, encompasses a range of models tailored to different scales of mining activity, from small-scale hobbyist setups to industrial farms.