Canaan Sees Unusually High Options Volume (NASDAQ:CAN)

Canaan Inc. (NASDAQ:CAN) was the target of some unusual options trading on Monday. Stock investors acquired 2,735 put options on the company. This is an increase of 51% compared to the average daily volume of 1,810 put options.

Hedge Funds Weigh In On Canaan

Hedge funds have recently added to or reduced their stakes in the stock. Van ECK Associates Corp boosted its holdings in shares of Canaan by 55.4% in the second quarter. Van ECK Associates Corp now owns 9,762,972 shares of the company’s stock valued at $9,761,000 after acquiring an additional 3,482,283 shares during the period. SG Americas Securities LLC raised its holdings in shares of Canaan by 33.6% in the first quarter. SG Americas Securities LLC now owns 5,385,073 shares of the company’s stock valued at $8,185,000 after buying an additional 1,354,333 shares during the last quarter. Nomura Holdings Inc. raised its holdings in shares of Canaan by 1,463.2% in the fourth quarter. Nomura Holdings Inc. now owns 1,271,925 shares of the company’s stock valued at $2,938,000 after buying an additional 1,190,557 shares during the last quarter. Baader Bank Aktiengesellschaft grew its holdings in shares of Canaan by 54.0% during the second quarter. Baader Bank Aktiengesellschaft now owns 825,876 shares of the company’s stock worth $824,000 after buying an additional 289,629 shares during the last quarter. Finally, SRN Advisors LLC lifted its position in Canaan by 4.9% during the 1st quarter. SRN Advisors LLC now owns 739,303 shares of the company’s stock worth $1,124,000 after acquiring an additional 34,382 shares during the period. 70.14% of the stock is currently owned by hedge funds and other institutional investors.

Canaan Stock Down 7.1 %

Shares of Canaan stock traded down $0.07 during trading on Monday, hitting $0.94. 5,714,131 shares of the stock were exchanged, compared to its average volume of 11,352,724. The stock has a market cap of $263.02 million, a price-to-earnings ratio of -0.49 and a beta of 3.08. The firm’s 50-day moving average price is $0.99 and its 200 day moving average price is $1.07. The company has a debt-to-equity ratio of 0.06, a current ratio of 2.88 and a quick ratio of 1.75. Canaan has a 12-month low of $0.72 and a 12-month high of $3.50.

Canaan (NASDAQ:CAN) last released its quarterly earnings data on Thursday, August 15th. The company reported ($0.15) earnings per share (EPS) for the quarter, topping 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 business had revenue of $71.86 million during the quarter, compared to analysts’ expectations of $51.90 million. As a group, analysts forecast that Canaan will post -0.6 earnings per share for the current fiscal year.

Analyst Ratings Changes

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

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.