Canaan Inc. (NASDAQ:CAN – Get Free Report) was the target of unusually large options trading activity on Thursday. Traders acquired 37,676 call options on the stock. This is an increase of 350% compared to the average daily volume of 8,368 call options.
Institutional Inflows and Outflows
Several hedge funds and other institutional investors have recently made changes to their positions in CAN. SG Americas Securities LLC bought a new position in shares of Canaan in the fourth quarter worth approximately $9,311,000. Van ECK Associates Corp lifted its position in Canaan by 91.6% during the fourth quarter. Van ECK Associates Corp now owns 4,550,161 shares of the company’s stock valued at $10,511,000 after purchasing an additional 2,175,807 shares during the period. State Street Corp lifted its position in Canaan by 165.5% during the second quarter. State Street Corp now owns 3,388,653 shares of the company’s stock valued at $7,218,000 after purchasing an additional 2,112,322 shares during the period. Nomura Holdings Inc. lifted its position in Canaan by 1,463.2% during the fourth quarter. Nomura Holdings Inc. now owns 1,271,925 shares of the company’s stock valued at $2,938,000 after purchasing an additional 1,190,557 shares during the period. Finally, Invesco Ltd. lifted its position in Canaan by 49.2% during the first quarter. Invesco Ltd. now owns 2,894,464 shares of the company’s stock valued at $15,717,000 after purchasing an additional 954,400 shares during the period. Institutional investors own 70.14% of the company’s stock.
Canaan Price Performance
Shares of NASDAQ CAN opened at $0.75 on Friday. Canaan has a 1 year low of $0.75 and a 1 year high of $3.50. The company’s 50-day moving average is $1.53 and its 200 day moving average is $1.74. The stock has a market capitalization of $175.64 million, a P/E ratio of -0.31 and a beta of 3.01.
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.
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