Canaan Inc. (NASDAQ:CAN) Sees Significant Decrease in Short Interest

Canaan Inc. (NASDAQ:CAN) was the target of a significant decrease in short interest in the month of December. As of December 31st, there was short interest totalling 20,570,000 shares, a decrease of 15.9% from the December 15th total of 24,450,000 shares. Based on an average daily volume of 17,020,000 shares, the days-to-cover ratio is currently 1.2 days.

Hedge Funds Weigh In On Canaan

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Personalized Indexing Management LLC bought a new position in Canaan during the second quarter valued at approximately $34,000. XTX Topco Ltd purchased a new stake in shares of Canaan during the 2nd quarter worth approximately $79,000. Old Port Advisors bought a new position in shares of Canaan during the 4th quarter valued at approximately $100,000. Virtu Financial LLC grew its holdings in shares of Canaan by 35.2% in the third quarter. Virtu Financial LLC now owns 103,394 shares of the company’s stock valued at $104,000 after purchasing an additional 26,920 shares in the last quarter. Finally, Farther Finance Advisors LLC increased its position in Canaan by 38.6% in the third quarter. Farther Finance Advisors LLC now owns 109,409 shares of the company’s stock worth $111,000 after purchasing an additional 30,447 shares during the last quarter. Institutional investors own 70.14% of the company’s stock.

Canaan Price Performance

CAN traded up $0.11 during trading on Friday, reaching $2.01. 27,100,618 shares of the company traded hands, compared to its average volume of 16,782,204. The company has a market cap of $565.98 million, a P/E ratio of -1.49 and a beta of 3.27. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.45 and a current ratio of 2.03. Canaan has a 12-month low of $0.72 and a 12-month high of $3.27. The firm has a fifty day simple moving average of $2.14 and a 200 day simple moving average of $1.41.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on CAN. HC Wainwright restated a “buy” rating and set a $3.00 price objective on shares of Canaan in a research report on Thursday, November 21st. Rosenblatt Securities increased their price target on Canaan from $3.00 to $4.00 and gave the stock a “buy” rating in a research note on Friday, December 6th.

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.