Investors Buy High Volume of Canaan Call Options (NASDAQ:CAN)

Canaan Inc. (NASDAQ:CAN) saw some unusual options trading activity on Thursday. Traders acquired 37,676 call options on the stock. This represents an increase of 350% compared to the average volume of 8,368 call options.

Institutional Trading of Canaan

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Engineers Gate Manager LP acquired a new position in Canaan during the fourth quarter worth $31,000. New York State Common Retirement Fund lifted its stake in Canaan by 88.1% during the 3rd quarter. New York State Common Retirement Fund now owns 17,704 shares of the company’s stock worth $32,000 after acquiring an additional 8,290 shares in the last quarter. QRG Capital Management Inc. purchased a new position in Canaan during the 3rd quarter valued at about $33,000. Credit Suisse AG grew its position in Canaan by 31,721.2% in the 4th quarter. Credit Suisse AG now owns 16,547 shares of the company’s stock valued at $34,000 after acquiring an additional 16,495 shares in the last quarter. Finally, Bank of America Corp DE increased its stake in Canaan by 185.8% during the first quarter. Bank of America Corp DE now owns 6,334 shares of the company’s stock worth $35,000 after purchasing an additional 4,118 shares during the period. 70.14% of the stock is owned by institutional investors and hedge funds.

Canaan Stock Performance

Shares of NASDAQ CAN traded down $0.09 during midday trading on Thursday, reaching $1.02. 13,042,413 shares of the stock were exchanged, compared to its average volume of 17,552,121. The stock has a market capitalization of $238.17 million, a P/E ratio of -0.41 and a beta of 3.01. The company has a 50 day simple moving average of $1.56 and a 200 day simple moving average of $1.75. Canaan has a twelve month low of $0.89 and a twelve month high of $3.50.

Canaan (NASDAQ:CAN) last issued its quarterly earnings data on Tuesday, February 27th. The company reported ($0.35) earnings per share for the quarter, hitting the consensus estimate of ($0.35). Canaan had a negative return on equity of 80.13% and a negative net margin of 195.84%. The company had revenue of $49.07 million during the quarter, compared to analyst estimates of $33.90 million. On average, research analysts expect that Canaan will post -1.35 earnings per share for the current 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.