Wellington Management Group LLP Takes $48,000 Position in Canaan Inc. (NASDAQ:CAN)

Wellington Management Group LLP bought a new stake in shares of Canaan Inc. (NASDAQ:CAN) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 23,306 shares of the company’s stock, valued at approximately $48,000.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. EntryPoint Capital LLC purchased a new stake in Canaan during the 4th quarter worth approximately $32,000. Raymond James Financial Inc. acquired a new stake in shares of Canaan in the fourth quarter worth approximately $33,000. Chesapeake Capital Corp IL purchased a new stake in shares of Canaan during the fourth quarter worth approximately $79,000. SBI Securities Co. Ltd. acquired a new position in Canaan in the 4th quarter valued at $83,000. Finally, Old Port Advisors purchased a new position in Canaan in the 4th quarter valued at $100,000. Hedge funds and other institutional investors own 70.14% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. HC Wainwright reaffirmed a “buy” rating and set a $3.00 target price on shares of Canaan in a report on Thursday, March 27th. Rosenblatt Securities reaffirmed a “buy” rating and set a $8.00 price objective on shares of Canaan in a research note on Friday, April 11th. Finally, Compass Point assumed coverage on shares of Canaan in a research note on Tuesday, March 18th. They issued a “buy” rating and a $2.50 target price on the stock. One analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $3.88.

Canaan Stock Up 0.8 %

NASDAQ CAN opened at $0.75 on Wednesday. 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 Inc. has a 52 week low of $0.65 and a 52 week high of $3.27. The business’s fifty day simple moving average is $1.17 and its 200-day simple moving average is $1.57. The firm has a market cap of $212.40 million, a PE ratio of -0.56 and a beta of 3.48.

Canaan (NASDAQ:CAN) last posted its earnings results on Wednesday, March 26th. The company reported ($2.17) earnings per share for the quarter, missing the consensus estimate of ($0.88) by ($1.29). The firm had revenue of $88.77 million during the quarter, compared to analyst estimates of $88.50 million. Canaan had a negative net margin of 128.85% and a negative return on equity of 60.37%. During the same quarter in the previous year, the firm earned ($2.16) earnings per share. As a group, equities analysts anticipate that Canaan Inc. will post -0.74 earnings per share for the current year.

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.