SRN Advisors LLC Sells 592,756 Shares of Canaan Inc. (NASDAQ:CAN)

SRN Advisors LLC trimmed its holdings in shares of Canaan Inc. (NASDAQ:CAN) by 80.2% during the 2nd quarter, Holdings Channel reports. The fund owned 146,547 shares of the company’s stock after selling 592,756 shares during the period. SRN Advisors LLC’s holdings in Canaan were worth $147,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of the business. Vanguard Personalized Indexing Management LLC purchased a new position in Canaan in the second quarter valued at about $34,000. IvyRock Asset Management HK Ltd acquired a new position in shares of Canaan during the first quarter valued at about $73,000. XTX Topco Ltd purchased a new position in shares of Canaan in the 2nd quarter valued at approximately $79,000. Impact Partnership Wealth LLC boosted its stake in Canaan by 271.1% in the 2nd quarter. Impact Partnership Wealth LLC now owns 125,990 shares of the company’s stock worth $126,000 after purchasing an additional 92,038 shares in the last quarter. Finally, Susquehanna Fundamental Investments LLC purchased a new stake in Canaan during the 1st quarter worth approximately $149,000. Institutional investors own 70.14% of the company’s stock.

Analysts Set New Price Targets

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

Canaan Stock Performance

CAN opened at $0.97 on Wednesday. Canaan Inc. has a twelve month low of $0.72 and a twelve month high of $3.50. The firm has a market capitalization of $271.82 million, a PE ratio of -0.47 and a beta of 3.08. The company has a current ratio of 2.88, a quick ratio of 1.75 and a debt-to-equity ratio of 0.06. The firm’s 50-day moving average price is $0.96 and its 200 day moving average price is $1.05.

Canaan (NASDAQ:CAN) last posted its quarterly earnings results on Thursday, August 15th. The company reported ($0.15) EPS for the quarter, beating the consensus estimate of ($0.30) by $0.15. Canaan had a negative return on equity of 59.66% and a negative net margin of 158.65%. The firm had revenue of $71.86 million during the quarter, compared to analysts’ expectations of $51.90 million. As a group, sell-side analysts expect that Canaan Inc. will post -0.6 EPS for the current fiscal year.

Canaan Company 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.