Mirae Asset Global Investments Co. Ltd. Acquires 324,446 Shares of Canaan Inc. (NASDAQ:CAN)

Mirae Asset Global Investments Co. Ltd. increased its holdings in Canaan Inc. (NASDAQ:CANGet Rating) by 30.7% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,380,787 shares of the company’s stock after buying an additional 324,446 shares during the period. Mirae Asset Global Investments Co. Ltd. owned about 0.74% of Canaan worth $7,498,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently bought and sold shares of CAN. New York State Common Retirement Fund acquired a new position in shares of Canaan during the first quarter worth $32,000. Itau Unibanco Holding S.A. acquired a new position in shares of Canaan during the fourth quarter worth $40,000. Raymond James Financial Services Advisors Inc. acquired a new position in shares of Canaan during the first quarter worth $55,000. Bayesian Capital Management LP acquired a new position in shares of Canaan during the fourth quarter worth $65,000. Finally, Virginia Retirement Systems ET AL acquired a new position in shares of Canaan during the first quarter worth $74,000. Institutional investors own 16.67% of the company’s stock.

Canaan Stock Performance

NASDAQ:CAN opened at $3.09 on Thursday. Canaan Inc. has a one year low of $2.56 and a one year high of $11.19. The firm has a market cap of $577.65 million, a price-to-earnings ratio of 1.28 and a beta of 3.67. The firm’s fifty day moving average is $3.71 and its two-hundred day moving average is $3.94.

Canaan (NASDAQ:CANGet Rating) last posted its earnings results on Thursday, August 18th. The company reported $0.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.31 by $0.20. Canaan had a net margin of 41.75% and a return on equity of 73.44%. The business had revenue of $246.74 million for the quarter, compared to analyst estimates of $252.30 million. As a group, equities research analysts predict that Canaan Inc. will post 1.11 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the stock. HC Wainwright assumed coverage on shares of Canaan in a report on Wednesday, July 6th. They set a “buy” rating and a $5.00 price objective on the stock. Benchmark assumed coverage on shares of Canaan in a report on Tuesday, June 7th. They set a “buy” rating and a $9.00 price objective on the stock.

Canaan Profile

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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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