Canaan Inc. (NASDAQ:CAN – Get Free Report) 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.
Read Our Latest Stock Report on CAN
Hedge Funds Weigh In On Canaan
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 – Get Free Report) 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.
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