Canaan Target of Unusually Large Options Trading (NASDAQ:CAN)

Canaan Inc. (NASDAQ:CAN) 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 approximately 350% compared to the typical volume of 8,368 call options.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. SG Americas Securities LLC bought a new position in Canaan in the 4th quarter valued at approximately $9,311,000. Van ECK Associates Corp increased its position in Canaan by 35.5% during the 3rd quarter. Van ECK Associates Corp now owns 2,374,354 shares of the company’s stock valued at $4,321,000 after purchasing an additional 622,386 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its position in Canaan by 72.2% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,782,634 shares of the company’s stock valued at $4,118,000 after purchasing an additional 747,152 shares during the period. Invesco Ltd. increased its position in Canaan by 27.7% during the 3rd quarter. Invesco Ltd. now owns 3,702,627 shares of the company’s stock valued at $6,739,000 after purchasing an additional 803,940 shares during the period. Finally, China Universal Asset Management Co. Ltd. acquired a new stake in Canaan during the 4th quarter valued at approximately $49,000. Institutional investors own 70.14% of the company’s stock.

Canaan Trading Down 17.1 %

CAN stock opened at $0.92 on Friday. The stock has a market capitalization of $214.84 million, a P/E ratio of -0.38 and a beta of 3.01. Canaan has a 12 month low of $0.89 and a 12 month high of $3.50. The firm has a 50-day moving average price of $1.54 and a 200-day moving average price of $1.74.

Canaan (NASDAQ:CAN) last posted its earnings results on Tuesday, February 27th. The company reported ($0.35) EPS for the quarter, hitting analysts’ consensus estimates of ($0.35). The firm had revenue of $49.07 million during the quarter, compared to analysts’ expectations of $33.90 million. Canaan had a negative net margin of 195.84% and a negative return on equity of 80.13%. As a group, equities analysts predict that Canaan will post -1.35 EPS for the current fiscal year.

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.