Beacon Financial Group Sells 67,468 Shares of Canaan Inc. (NASDAQ:CAN)

Beacon Financial Group lessened its holdings in Canaan Inc. (NASDAQ:CAN) by 39.5% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 103,339 shares of the company’s stock after selling 67,468 shares during the period. Beacon Financial Group’s holdings in Canaan were worth $91,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of CAN. Van ECK Associates Corp grew its holdings 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 worth $21,255,000 after purchasing an additional 1,187,796 shares during the last quarter. Vanguard Group Inc. grew its holdings in shares of Canaan by 2.6% during the fourth quarter. Vanguard Group Inc. now owns 8,760,909 shares of the company’s stock worth $17,960,000 after purchasing an additional 223,241 shares during the last quarter. Tidal Investments LLC bought a new stake in shares of Canaan during the fourth quarter worth about $9,584,000. Vident Advisory LLC grew its holdings in shares of Canaan by 2,306.4% during the fourth quarter. Vident Advisory LLC now owns 4,311,718 shares of the company’s stock worth $8,839,000 after purchasing an additional 4,132,539 shares during the last quarter. Finally, Millennium Management LLC grew its holdings in shares of Canaan by 139.7% during the fourth quarter. Millennium Management LLC now owns 2,808,545 shares of the company’s stock worth $5,758,000 after purchasing an additional 1,637,019 shares during the last quarter. Institutional investors own 70.14% of the company’s stock.

Canaan Price Performance

Canaan stock opened at $0.60 on Friday. Canaan Inc. has a one year low of $0.53 and a one 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 stock’s 50 day moving average is $0.71 and its 200 day moving average is $1.44. The firm has a market cap of $223.33 million, a P/E ratio of -0.44 and a beta of 3.32.

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

Canaan declared that its Board of Directors has initiated a stock buyback plan on Tuesday, May 27th that allows the company to repurchase $0.00 in outstanding shares. This repurchase authorization allows the company to repurchase shares of its stock through open market purchases. Shares repurchase plans are typically an indication that the company’s board believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. Compass Point assumed coverage on Canaan in a research note on Tuesday, March 18th. They issued a “buy” rating and a $2.50 price objective on the stock. HC Wainwright reaffirmed a “buy” rating and issued a $3.00 price objective on shares of Canaan in a research note on Thursday, March 27th. Rosenblatt Securities cut their price objective on Canaan from $8.00 to $5.00 and set a “buy” rating on the stock in a research note on Wednesday, May 21st. Finally, Benchmark cut their price objective on Canaan from $3.00 to $2.00 and set a “buy” rating on the stock in a research note on Wednesday, May 21st. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Canaan has a consensus rating of “Moderate Buy” and a consensus target price of $2.90.

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.