Short Interest in Canaan Inc. (NASDAQ:CAN) Declines By 5.3%

Canaan Inc. (NASDAQ:CAN) saw a significant decrease in short interest during the month of September. As of September 30th, there was short interest totalling 22,680,000 shares, a decrease of 5.3% from the September 15th total of 23,950,000 shares. Based on an average daily volume of 5,420,000 shares, the short-interest ratio is presently 4.2 days.

Institutional Trading of Canaan

Hedge funds have recently bought and sold shares of the company. Vanguard Personalized Indexing Management LLC purchased a new position in Canaan during the second quarter valued at approximately $34,000. IvyRock Asset Management HK Ltd bought a new position in Canaan in the 1st quarter worth $73,000. Quadrature Capital Ltd purchased a new stake in Canaan in the 4th quarter worth $153,000. XTX Topco Ltd bought a new stake in Canaan during the second quarter valued at about $79,000. Finally, Susquehanna Fundamental Investments LLC purchased a new position in shares of Canaan in the first quarter valued at about $149,000. Hedge funds and other institutional investors own 70.14% of the company’s stock.

Canaan Stock Up 3.1 %

NASDAQ:CAN opened at $1.00 on Thursday. The company has a debt-to-equity ratio of 0.06, a current ratio of 2.88 and a quick ratio of 1.75. The firm’s 50-day moving average price is $0.97 and its 200-day moving average price is $1.02. The company has a market capitalization of $280.22 million, a PE ratio of -0.49 and a beta of 3.08. Canaan has a 1-year low of $0.72 and a 1-year high of $3.50.

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 company had revenue of $71.86 million for the quarter, compared to the consensus estimate of $51.90 million. Canaan had a negative net margin of 158.65% and a negative return on equity of 59.66%. On average, equities analysts predict that Canaan will post -0.6 EPS for the current fiscal year.

Analyst Ratings Changes

CAN has been the subject of several research reports. Rosenblatt Securities began coverage on shares of Canaan in a research report on Wednesday, September 11th. They issued a “buy” rating and a $3.00 target price for the company. B. Riley assumed coverage on Canaan in a report on Wednesday, September 18th. They set a “buy” rating and a $2.00 price objective on the stock. Nomura Securities upgraded Canaan to a “hold” rating in a research report on Monday, August 19th. Finally, 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. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $3.38.

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.