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

Canaan Inc. (NASDAQ:CAN) was the recipient of a large decrease in short interest in 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 short-interest ratio is presently 1.2 days.

Wall Street Analysts Forecast Growth

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

Canaan Price Performance

Canaan stock traded up $0.11 during mid-day trading on Friday, reaching $2.01. The company had a trading volume of 27,100,618 shares, compared to its average volume of 16,782,204. Canaan has a fifty-two week low of $0.72 and a fifty-two week high of $3.27. 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 current ratio of 2.03, a quick ratio of 1.45 and a debt-to-equity ratio of 0.08. The business has a fifty day simple moving average of $2.14 and a 200 day simple moving average of $1.41.

Hedge Funds Weigh In On Canaan

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

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.