Stock Traders Buy Large Volume of Call Options on Canaan (NASDAQ:CAN)

Canaan Inc. (NASDAQ:CAN) saw unusually large options trading on Tuesday. Stock traders bought 9,507 call options on the stock. This represents an increase of approximately 422% compared to the average daily volume of 1,820 call options.

Institutional Investors Weigh In On Canaan

Several large investors have recently added to or reduced their stakes in CAN. Van ECK Associates Corp raised its stake in shares of Canaan by 38.0% during the first quarter. Van ECK Associates Corp now owns 6,280,689 shares of the company’s stock valued at $9,546,000 after acquiring an additional 1,730,528 shares in the last quarter. Quadrature Capital Ltd raised its position in Canaan by 323.3% during the 1st quarter. Quadrature Capital Ltd now owns 280,686 shares of the company’s stock valued at $422,000 after purchasing an additional 214,384 shares in the last quarter. SG Americas Securities LLC raised its position in Canaan by 33.6% during the 1st quarter. SG Americas Securities LLC now owns 5,385,073 shares of the company’s stock valued at $8,185,000 after purchasing an additional 1,354,333 shares in the last quarter. SRN Advisors LLC lifted its holdings in shares of Canaan by 4.9% in the 1st quarter. SRN Advisors LLC now owns 739,303 shares of the company’s stock worth $1,124,000 after buying an additional 34,382 shares during the period. Finally, Commonwealth Equity Services LLC grew its position in shares of Canaan by 20.4% during the 2nd quarter. Commonwealth Equity Services LLC now owns 215,372 shares of the company’s stock worth $215,000 after buying an additional 36,422 shares in the last quarter. 70.14% of the stock is owned by hedge funds and other institutional investors.

Canaan Trading Up 4.6 %

Shares of NASDAQ CAN opened at $1.36 on Thursday. The business’s 50 day moving average price is $1.00 and its 200-day moving average price is $1.01. Canaan has a fifty-two week low of $0.72 and a fifty-two week high of $3.50. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.75 and a current ratio of 2.88. The company has a market cap of $411.20 million, a price-to-earnings ratio of -0.88 and a beta of 3.08.

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

Analysts Set New Price Targets

A number of brokerages have issued reports on CAN. HC Wainwright restated a “buy” rating and set a $3.00 price objective on shares of Canaan in a research report on Friday, August 16th. B. Riley initiated coverage on Canaan in a research report on Wednesday, September 18th. They set a “buy” rating and a $2.00 target price on the stock. Rosenblatt Securities initiated coverage on Canaan in a research report on Wednesday, September 11th. They issued a “buy” rating and a $3.00 price target for the company. Finally, Nomura Securities upgraded shares of 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 given a buy rating to the company. According to MarketBeat, Canaan presently has an average rating of “Moderate Buy” and a consensus price target of $3.38.

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.