Old Port Advisors Buys Shares of 49,014 Canaan Inc. (NASDAQ:CAN)

Old Port Advisors purchased a new stake in shares of Canaan Inc. (NASDAQ:CAN) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 49,014 shares of the company’s stock, valued at approximately $100,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Virtu Financial LLC raised its stake in Canaan by 35.2% in the 3rd quarter. Virtu Financial LLC now owns 103,394 shares of the company’s stock valued at $104,000 after acquiring an additional 26,920 shares during the period. XTX Topco Ltd raised its position in shares of Canaan by 193.3% in the third quarter. XTX Topco Ltd now owns 232,525 shares of the company’s stock valued at $235,000 after purchasing an additional 153,255 shares during the period. State Street Corp raised its position in shares of Canaan by 0.3% in the third quarter. State Street Corp now owns 9,111,069 shares of the company’s stock valued at $9,202,000 after purchasing an additional 23,759 shares during the period. Quadrature Capital Ltd lifted its stake in shares of Canaan by 329.4% during the 3rd quarter. Quadrature Capital Ltd now owns 544,976 shares of the company’s stock valued at $550,000 after buying an additional 418,052 shares in the last quarter. Finally, Prime Capital Investment Advisors LLC boosted its holdings 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 buying an additional 42,774 shares during the period. Institutional investors own 70.14% of the company’s stock.

Analysts Set New Price Targets

Several research firms have issued reports on CAN. Rosenblatt Securities increased their target price on Canaan from $3.00 to $4.00 and gave the stock a “buy” rating in a research report on Friday, December 6th. HC Wainwright reissued a “buy” rating and set a $3.00 price objective on shares of Canaan in a report on Thursday, November 21st. Finally, B. Riley initiated coverage on Canaan in a report on Wednesday, September 18th. They set a “buy” rating and a $2.00 target price for the company.

Canaan Trading Up 8.3 %

Shares of CAN stock opened at $2.22 on Friday. The company has a market capitalization of $625.11 million, a PE ratio of -1.64 and a beta of 3.24. Canaan Inc. has a 52-week low of $0.72 and a 52-week high of $3.27. The business’s fifty day moving average is $1.97 and its 200 day moving average is $1.34. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.45 and a current ratio of 2.03.

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.