Canaan Inc. (NASDAQ:CAN) Short Interest Update

Canaan Inc. (NASDAQ:CAN) was the recipient of a significant decrease in short interest in August. As of August 31st, there was short interest totalling 23,740,000 shares, a decrease of 5.3% from the August 15th total of 25,070,000 shares. Based on an average daily trading volume, of 5,620,000 shares, the days-to-cover ratio is currently 4.2 days.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the stock. HC Wainwright reiterated a “buy” rating and set a $3.00 price target on shares of Canaan in a research report on Friday, August 16th. Rosenblatt Securities started coverage on shares of Canaan in a research report on Wednesday, September 11th. They set a “buy” rating and a $3.00 price target on the stock. Finally, Nomura Securities upgraded shares of Canaan to a “hold” rating in a research report on Monday, August 19th.

Hedge Funds Weigh In On Canaan

Several institutional investors and hedge funds have recently added to or reduced their stakes in CAN. Van ECK Associates Corp increased its holdings in shares of Canaan by 55.4% during the second quarter. Van ECK Associates Corp now owns 9,762,972 shares of the company’s stock valued at $9,761,000 after acquiring an additional 3,482,283 shares in the last quarter. SG Americas Securities LLC increased its holdings in Canaan by 33.6% in the 1st quarter. SG Americas Securities LLC now owns 5,385,073 shares of the company’s stock worth $8,185,000 after buying an additional 1,354,333 shares in the last quarter. Nomura Holdings Inc. increased its holdings in Canaan by 1,463.2% in the 4th quarter. Nomura Holdings Inc. now owns 1,271,925 shares of the company’s stock worth $2,938,000 after buying an additional 1,190,557 shares in the last quarter. Baader Bank Aktiengesellschaft increased its holdings in Canaan by 54.0% in the 2nd quarter. Baader Bank Aktiengesellschaft now owns 825,876 shares of the company’s stock worth $824,000 after buying an additional 289,629 shares in the last quarter. Finally, SRN Advisors LLC increased its holdings in Canaan by 4.9% in the 1st quarter. SRN Advisors LLC now owns 739,303 shares of the company’s stock worth $1,124,000 after buying an additional 34,382 shares in the last quarter. Hedge funds and other institutional investors own 70.14% of the company’s stock.

Canaan Stock Performance

Shares of CAN stock opened at $1.08 on Wednesday. The stock has a fifty day moving average of $0.99 and a 200 day moving average of $1.09. Canaan has a 52 week low of $0.72 and a 52 week high of $3.50. The firm has a market capitalization of $302.64 million, a price-to-earnings ratio of -0.53 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) EPS for the quarter, beating the consensus estimate of ($0.30) by $0.15. The business had revenue of $71.86 million during the quarter, compared to analyst estimates of $51.90 million. Canaan had a negative return on equity of 59.66% and a negative net margin of 158.65%. As a group, research analysts expect that Canaan will post -0.6 earnings per share for the current year.

About Canaan

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.