Canaan Inc. (NASDAQ:CAN) Short Interest Down 5.5% in April

Canaan Inc. (NASDAQ:CAN) was the target of a significant drop in short interest in the month of April. As of April 15th, there was short interest totalling 25,400,000 shares, a drop of 5.5% from the March 31st total of 26,870,000 shares. Based on an average trading volume of 17,200,000 shares, the days-to-cover ratio is currently 1.5 days.

Canaan Stock Down 6.8 %

Canaan stock traded down $0.06 during mid-day trading on Tuesday, hitting $0.89. The company’s stock had a trading volume of 9,080,907 shares, compared to its average volume of 17,449,365. The stock has a market capitalization of $206.79 million, a P/E ratio of -0.38 and a beta of 3.01. Canaan has a twelve month low of $0.75 and a twelve month high of $3.50. The stock’s fifty day moving average price is $1.38 and its two-hundred day moving average price is $1.70.

Canaan (NASDAQ:CAN) last posted 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 net margin of 195.84% and a negative return on equity of 80.13%. The firm had revenue of $49.07 million for the quarter, compared to analysts’ expectations of $33.90 million. Equities analysts expect that Canaan will post -1.35 earnings per share for the current year.

Institutional Investors Weigh In On Canaan

A number of institutional investors have recently modified their holdings of CAN. New York State Common Retirement Fund lifted its stake in shares of Canaan by 88.1% in the 3rd quarter. New York State Common Retirement Fund now owns 17,704 shares of the company’s stock valued at $32,000 after purchasing an additional 8,290 shares during the last quarter. QRG Capital Management Inc. acquired a new stake in shares of Canaan in the 3rd quarter valued at $33,000. Tower Research Capital LLC TRC acquired a new stake in shares of Canaan in the 4th quarter valued at $44,000. Greystone Financial Group LLC acquired a new stake in shares of Canaan in the 3rd quarter valued at $49,000. Finally, China Universal Asset Management Co. Ltd. acquired a new stake in shares of Canaan in the 4th quarter valued at $49,000. Institutional investors and hedge funds own 70.14% of the company’s stock.

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.