Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Canaan Inc. (NASDAQ:CAN – Get Rating) by 30.7% during the first quarter, HoldingsChannel reports. The fund owned 1,380,787 shares of the company’s stock after acquiring an additional 324,446 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in Canaan were worth $7,498,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors and hedge funds have also made changes to their positions in the company. Invesco Ltd. increased its position in Canaan by 49.2% during the 1st quarter. Invesco Ltd. now owns 2,894,464 shares of the company’s stock worth $15,717,000 after purchasing an additional 954,400 shares during the period. State Street Corp increased its holdings in shares of Canaan by 17.8% in the 1st quarter. State Street Corp now owns 1,539,635 shares of the company’s stock valued at $8,360,000 after purchasing an additional 233,129 shares in the last quarter. Vident Investment Advisory LLC increased its holdings in shares of Canaan by 1,248.2% in the 1st quarter. Vident Investment Advisory LLC now owns 146,911 shares of the company’s stock valued at $798,000 after purchasing an additional 136,014 shares in the last quarter. Van ECK Associates Corp increased its holdings in shares of Canaan by 17.0% in the 1st quarter. Van ECK Associates Corp now owns 795,305 shares of the company’s stock valued at $4,319,000 after purchasing an additional 115,691 shares in the last quarter. Finally, Vanguard Group Inc. increased its holdings in shares of Canaan by 2.5% in the 1st quarter. Vanguard Group Inc. now owns 4,379,126 shares of the company’s stock valued at $23,779,000 after purchasing an additional 106,586 shares in the last quarter. 16.67% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
CAN has been the subject of a number of research analyst reports. HC Wainwright initiated coverage on shares of Canaan in a report on Wednesday, July 6th. They issued a “buy” rating and a $5.00 price target for the company. Benchmark began coverage on shares of Canaan in a report on Tuesday, June 7th. They issued a “buy” rating and a $9.00 price target for the company.
Canaan Trading Up 0.7 %
Canaan (NASDAQ:CAN – Get Rating) last issued its quarterly earnings data on Thursday, August 18th. The company reported $0.51 EPS for the quarter, beating analysts’ consensus estimates of $0.31 by $0.20. The firm had revenue of $246.74 million for the quarter, compared to analysts’ expectations of $252.30 million. Canaan had a net margin of 41.75% and a return on equity of 73.44%. As a group, research analysts expect that Canaan Inc. will post 1.11 earnings per share for the current year.
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 primarily in the People's Republic of China. It is also involved in the assembly and distribution of mining equipment and spare parts.
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