Van ECK Associates Corp Raises Holdings in Canaan Inc. (NASDAQ:CAN)

Van ECK Associates Corp lifted its holdings in shares of Canaan Inc. (NASDAQ:CAN) by 12.9% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,368,217 shares of the company’s stock after purchasing an additional 1,187,796 shares during the period. Van ECK Associates Corp owned about 3.68% of Canaan worth $21,255,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the business. State Street Corp increased its stake in shares of Canaan by 0.3% during the 3rd quarter. State Street Corp now owns 9,111,069 shares of the company’s stock worth $9,202,000 after purchasing an additional 23,759 shares in the last quarter. Exchange Traded Concepts LLC purchased a new stake in Canaan in the 4th quarter worth approximately $2,807,000. Baader Bank Aktiengesellschaft grew its stake in Canaan by 287.0% in the 4th quarter. Baader Bank Aktiengesellschaft now owns 1,305,724 shares of the company’s stock worth $2,677,000 after acquiring an additional 968,347 shares during the period. Prime Capital Investment Advisors LLC grew its stake in Canaan by 4.9% in the 3rd quarter. Prime Capital Investment Advisors LLC now owns 914,385 shares of the company’s stock worth $924,000 after acquiring an additional 42,774 shares during the period. Finally, OVERSEA CHINESE BANKING Corp Ltd purchased a new stake in Canaan in the 3rd quarter worth approximately $556,000. 70.14% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have commented on CAN. HC Wainwright reaffirmed a “buy” rating and issued a $3.00 target price on shares of Canaan in a research note on Wednesday, January 22nd. Rosenblatt Securities lifted their target price on shares of Canaan from $3.00 to $4.00 and gave the stock a “buy” rating in a research note on Friday, December 6th.

Canaan Stock Up 2.3 %

Shares of NASDAQ CAN opened at $1.79 on Friday. Canaan Inc. has a 52-week low of $0.72 and a 52-week high of $3.27. The firm has a fifty day moving average of $2.15 and a 200-day moving average of $1.53. The stock has a market capitalization of $504.03 million, a PE ratio of -1.33 and a beta of 3.26. The company has a quick ratio of 1.45, a current ratio of 2.03 and a debt-to-equity ratio of 0.08.

Canaan 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.