Canaan Inc. (NASDAQ:CAN – Get Free Report) saw a significant drop in short interest during the month of May. As of May 31st, there was short interest totalling 25,210,000 shares, a drop of 12.0% from the May 15th total of 28,650,000 shares. Based on an average daily volume of 10,390,000 shares, the days-to-cover ratio is presently 2.4 days.
Canaan Stock Performance
Shares of NASDAQ:CAN traded down $0.01 on Friday, reaching $1.02. The company’s stock had a trading volume of 3,498,387 shares, compared to its average volume of 6,065,856. The stock’s 50-day moving average is $1.02 and its two-hundred day moving average is $1.51. Canaan has a 52-week low of $0.75 and a 52-week high of $3.50. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.90 and a quick ratio of 2.01.
Canaan (NASDAQ:CAN – Get Free Report) last issued its quarterly earnings results on Friday, May 17th. The company reported ($0.16) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.60) by $0.44. The business had revenue of $35.09 million for the quarter, compared to analyst estimates of $30.10 million. Canaan had a negative net margin of 192.95% and a negative return on equity of 75.57%. As a group, sell-side analysts anticipate that Canaan will post -0.9 earnings per share for the current year.
Institutional Trading of Canaan
Analysts Set New Price Targets
Separately, HC Wainwright reissued a “buy” rating and issued a $3.00 price objective on shares of Canaan in a report on Monday, May 20th.
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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