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

Canaan Inc. (NASDAQ:CAN) saw a significant drop in short interest during the month of August. As of August 31st, there was short interest totalling 23,740,000 shares, a drop 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.

Canaan Stock Down 0.9 %

NASDAQ:CAN opened at $1.07 on Thursday. The stock has a fifty day simple moving average of $0.99 and a 200-day simple moving average of $1.08. The company has a current ratio of 2.88, a quick ratio of 1.75 and a debt-to-equity ratio of 0.06. The company has a market cap of $299.84 million, a price-to-earnings ratio of -0.52 and a beta of 3.08. Canaan has a twelve month low of $0.72 and a twelve month high of $3.50.

Canaan (NASDAQ:CAN) last issued its earnings results on Thursday, August 15th. The company reported ($0.15) earnings per share for the quarter, topping the consensus estimate of ($0.30) by $0.15. The business had revenue of $71.86 million during the quarter, compared to analysts’ expectations of $51.90 million. Canaan had a negative return on equity of 59.66% and a negative net margin of 158.65%. Analysts anticipate that Canaan will post -0.6 EPS for the current year.

Institutional Investors Weigh In On Canaan

Several institutional investors have recently added to or reduced their stakes in the business. Vanguard Personalized Indexing Management LLC acquired a new position in shares of Canaan during the second quarter valued at about $34,000. IvyRock Asset Management HK Ltd acquired a new position in Canaan during the 1st quarter valued at approximately $73,000. XTX Topco Ltd purchased a new position in shares of Canaan in the second quarter worth $79,000. Chesapeake Capital Corp IL acquired a new stake in shares of Canaan during the fourth quarter worth $81,000. Finally, Impact Partnership Wealth LLC grew its holdings in shares of Canaan by 271.1% during the second quarter. Impact Partnership Wealth LLC now owns 125,990 shares of the company’s stock valued at $126,000 after buying an additional 92,038 shares during the last quarter. Institutional investors and hedge funds own 70.14% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on CAN shares. B. Riley assumed coverage on shares of Canaan in a research report on Wednesday. They set a “buy” rating and a $2.00 price objective on the stock. HC Wainwright reaffirmed a “buy” rating and set a $3.00 price target on shares of Canaan in a research note on Friday, August 16th. Nomura Securities raised shares of Canaan to a “hold” rating in a research report on Monday, August 19th. Finally, Rosenblatt Securities assumed coverage on shares of Canaan in a research note on Wednesday, September 11th. They issued a “buy” rating and a $3.00 price objective for the company. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, 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.