OVERSEA CHINESE BANKING Corp Ltd Has $697,000 Stake in Canaan Inc. (NASDAQ:CAN)

OVERSEA CHINESE BANKING Corp Ltd lowered its holdings in Canaan Inc. (NASDAQ:CAN) by 38.2% in the 4th quarter, HoldingsChannel.com reports. The firm owned 339,957 shares of the company’s stock after selling 210,132 shares during the quarter. OVERSEA CHINESE BANKING Corp Ltd’s holdings in Canaan were worth $697,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Van ECK Associates Corp boosted its position in shares of Canaan by 12.9% during the fourth quarter. Van ECK Associates Corp now owns 10,368,217 shares of the company’s stock valued at $21,255,000 after buying an additional 1,187,796 shares during the last quarter. State Street Corp lifted its stake in Canaan by 0.3% during the 3rd quarter. State Street Corp now owns 9,111,069 shares of the company’s stock valued at $9,202,000 after acquiring an additional 23,759 shares in the last quarter. Exchange Traded Concepts LLC purchased a new position in Canaan during the 4th quarter worth $2,807,000. Baader Bank Aktiengesellschaft grew its stake in shares of 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 in the last quarter. Finally, Quadrature Capital Ltd raised its holdings in shares of Canaan by 329.4% in the third quarter. Quadrature Capital Ltd now owns 544,976 shares of the company’s stock valued at $550,000 after purchasing an additional 418,052 shares during the last quarter. Institutional investors own 70.14% of the company’s stock.

Wall Street Analysts Forecast Growth

CAN has been the subject of a number of recent analyst reports. Compass Point initiated coverage on shares of Canaan in a research report on Tuesday. They issued a “buy” rating and a $2.50 price objective for the company. HC Wainwright reaffirmed a “buy” rating and issued a $3.00 target price on shares of Canaan in a report on Tuesday, March 4th. Finally, Rosenblatt Securities reiterated a “buy” rating and set a $8.00 price target on shares of Canaan in a report on Monday. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $3.88.

Canaan Stock Up 2.9 %

Canaan stock opened at $1.01 on Thursday. The firm has a 50 day moving average price of $1.65 and a 200-day moving average price of $1.60. 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 twelve month low of $0.72 and a twelve month high of $3.27. The company has a market capitalization of $282.99 million, a P/E ratio of -0.74 and a beta of 3.39.

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.