Canaan Inc. (NASDAQ:CAN) Sees Large Decline in Short Interest

Canaan Inc. (NASDAQ:CAN) was the recipient of a large drop in short interest during the month of September. As of September 30th, there was short interest totalling 22,680,000 shares, a drop 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 currently 4.2 days.

Canaan Trading Down 4.4 %

CAN opened at $0.96 on Friday. The business has a fifty day moving average price of $0.97 and a 200 day moving average price of $1.02. The company has a debt-to-equity ratio of 0.06, a current ratio of 2.88 and a quick ratio of 1.75. Canaan has a 12 month low of $0.72 and a 12 month high of $3.50. The stock has a market capitalization of $267.92 million, a price-to-earnings ratio of -0.47 and a beta of 3.08.

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

Analyst Ratings Changes

CAN has been the topic of a number of research reports. Rosenblatt Securities started coverage on Canaan in a research note on Wednesday, September 11th. They set a “buy” rating and a $3.00 price target on the stock. Nomura Securities upgraded Canaan to a “hold” rating in a report on Monday, August 19th. B. Riley began coverage on shares of Canaan in a research note on Wednesday, September 18th. They set a “buy” rating and a $2.00 price target on the stock. Finally, HC Wainwright reissued a “buy” rating and issued a $3.00 price objective on shares of Canaan in a research note on Friday, August 16th. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $3.38.

Institutional Investors Weigh In On Canaan

A number of hedge funds and other institutional investors have recently modified their holdings of CAN. Vanguard Personalized Indexing Management LLC purchased a new position in Canaan in the second quarter valued at approximately $34,000. SRN Advisors LLC boosted its holdings in shares of Canaan by 4.9% in the 1st quarter. SRN Advisors LLC now owns 739,303 shares of the company’s stock valued at $1,124,000 after buying an additional 34,382 shares in the last quarter. Commonwealth Equity Services LLC grew its position in shares of Canaan by 20.4% in the 2nd quarter. Commonwealth Equity Services LLC now owns 215,372 shares of the company’s stock valued at $215,000 after buying an additional 36,422 shares during the last quarter. IvyRock Asset Management HK Ltd acquired a new stake in Canaan during the 1st quarter worth $73,000. Finally, Quadrature Capital Ltd purchased a new stake in Canaan in the fourth quarter valued at $153,000. 70.14% of the stock is currently owned by institutional investors and hedge funds.

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.