Geode Capital Management LLC Sells 432,944 Shares of Canaan Inc. (NASDAQ:CAN)

Geode Capital Management LLC lessened its position in shares of Canaan Inc. (NASDAQ:CAN) by 17.7% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,011,482 shares of the company’s stock after selling 432,944 shares during the period. Geode Capital Management LLC’s holdings in Canaan were worth $2,032,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in CAN. Vanguard Personalized Indexing Management LLC acquired a new stake in Canaan in the 2nd quarter worth about $34,000. XTX Topco Ltd acquired a new stake in shares of Canaan in the second quarter valued at approximately $79,000. Farther Finance Advisors LLC boosted its stake in shares of Canaan by 38.6% in the third quarter. Farther Finance Advisors LLC now owns 109,409 shares of the company’s stock valued at $111,000 after buying an additional 30,447 shares during the period. Commonwealth Equity Services LLC grew its position in Canaan by 20.4% during the second 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. Finally, Quadrature Capital Ltd raised its holdings in Canaan by 329.4% in the 3rd quarter. Quadrature Capital Ltd now owns 544,976 shares of the company’s stock valued at $550,000 after acquiring an additional 418,052 shares in the last quarter. Institutional investors and hedge funds own 70.14% of the company’s stock.

Canaan Stock Down 9.0 %

Shares of NASDAQ:CAN opened at $1.93 on Thursday. Canaan Inc. has a 1 year low of $0.72 and a 1 year high of $3.27. The company has a debt-to-equity ratio of 0.08, a current ratio of 2.03 and a quick ratio of 1.45. The business’s 50-day moving average is $2.05 and its 200-day moving average is $1.37. The company has a market capitalization of $543.45 million, a price-to-earnings ratio of -1.43 and a beta of 3.27.

Wall Street Analyst Weigh In

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

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.