Canaan Sees Unusually Large Options Volume (NASDAQ:CAN)

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

Canaan Price Performance

Shares of NASDAQ CAN opened at $0.94 on Wednesday. Canaan has a 52-week low of $0.72 and a 52-week high of $3.50. The firm has a fifty day moving average of $0.98 and a 200-day moving average of $1.07. The stock has a market capitalization of $262.85 million, a PE ratio of -0.46 and a beta of 3.08. The company has a quick ratio of 1.75, a current ratio of 2.88 and a debt-to-equity ratio of 0.06.

Canaan (NASDAQ:CAN) last announced its quarterly earnings data on Thursday, August 15th. The company reported ($0.15) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.30) by $0.15. Canaan had a negative net margin of 158.65% and a negative return on equity of 59.66%. The company had revenue of $71.86 million during the quarter, compared to analysts’ expectations of $51.90 million. On average, analysts anticipate that Canaan will post -0.6 EPS for the current year.

Institutional Trading of Canaan

Institutional investors have recently added to or reduced their stakes in the business. Vanguard Personalized Indexing Management LLC purchased a new stake in Canaan during the 2nd quarter worth $34,000. Chesapeake Capital Corp IL purchased a new stake in Canaan during the 4th quarter worth $81,000. IvyRock Asset Management HK Ltd purchased a new stake in Canaan during the 1st quarter worth $73,000. Quadrature Capital Ltd purchased a new position in Canaan in the 4th quarter valued at about $153,000. Finally, XTX Topco Ltd purchased a new position in Canaan in the 2nd quarter valued at about $79,000. 70.14% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms have recently commented on CAN. B. Riley began coverage on shares of Canaan in a research note on Wednesday, September 18th. They set a “buy” rating and a $2.00 price objective for the company. Rosenblatt Securities initiated coverage on shares of Canaan in a research report on Wednesday, September 11th. They set a “buy” rating and a $3.00 price target for the company. Nomura Securities raised shares of Canaan to a “hold” rating in a research note on Monday, August 19th. Finally, HC Wainwright reissued a “buy” rating and set a $3.00 price objective on shares of Canaan in a research note on Friday, August 16th. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average 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.