Canaan (NASDAQ:CAN) Shares Gap Up to $2.92

Posted by on Mar 19th, 2023

Shares of Canaan Inc. (NASDAQ:CAN – Get Rating) gapped up before the market opened on Friday . The stock had previously closed at $2.92, but opened at $3.09. Canaan shares last traded at $3.02, with a volume of 417,208 shares traded.

Canaan Stock Up 5.5 %

The company has a 50 day moving average of $2.94 and a 200-day moving average of $2.88. The stock has a market capitalization of $528.22 million, a P/E ratio of 5.05 and a beta of 3.27.

Canaan (NASDAQ:CAN – Get Rating) last announced its quarterly earnings data on Tuesday, March 7th. The company reported ($0.38) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.19) by ($0.19). Canaan had a return on equity of 15.36% and a net margin of 16.12%. The firm had revenue of $56.83 million for the quarter, compared to the consensus estimate of $43.50 million. Equities analysts forecast that Canaan Inc. will post -0.45 EPS for the current fiscal year.

Institutional Investors Weigh In On Canaan

A number of hedge funds have recently added to or reduced their stakes in CAN. Point72 Hong Kong Ltd bought a new stake in Canaan in the second quarter valued at $6,436,000. Invesco Ltd. lifted its stake in Canaan by 49.2% in the first quarter. Invesco Ltd. now owns 2,894,464 shares of the company’s stock valued at $15,717,000 after buying an additional 954,400 shares during the last quarter. Renaissance Technologies LLC raised its stake in shares of Canaan by 315.2% during the fourth quarter. Renaissance Technologies LLC now owns 702,637 shares of the company’s stock valued at $1,447,000 after purchasing an additional 533,396 shares in the last quarter. BlackRock Inc. raised its stake in shares of Canaan by 26.4% during the third quarter. BlackRock Inc. now owns 2,551,224 shares of the company’s stock valued at $8,368,000 after purchasing an additional 532,667 shares in the last quarter. Finally, Banco BTG Pactual S.A. bought a new stake in shares of Canaan during the fourth quarter valued at about $784,000. 15.17% of the stock is currently owned by institutional investors.

About Canaan

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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 primarily in the People's Republic of China. It is also involved in the assembly and distribution of mining equipment and spare parts.

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