Canaan Inc. (NASDAQ:CAN) Short Interest Down 6.4% in January

Canaan Inc. (NASDAQ:CAN) was the recipient of a significant drop in short interest in January. As of January 31st, there was short interest totalling 18,900,000 shares, a drop of 6.4% from the January 15th total of 20,200,000 shares. Based on an average trading volume of 20,320,000 shares, the days-to-cover ratio is currently 0.9 days.

Hedge Funds Weigh In On Canaan

A number of institutional investors have recently modified their holdings of the company. Van ECK Associates Corp increased its position in Canaan by 12.9% during the fourth quarter. Van ECK Associates Corp now owns 10,368,217 shares of the company’s stock worth $21,255,000 after acquiring an additional 1,187,796 shares during the period. State Street Corp increased its position in Canaan by 0.3% during the third quarter. State Street Corp now owns 9,111,069 shares of the company’s stock worth $9,202,000 after acquiring an additional 23,759 shares during the period. Vanguard Group Inc. increased its position in Canaan by 2.6% during the fourth quarter. Vanguard Group Inc. now owns 8,760,909 shares of the company’s stock worth $17,960,000 after acquiring an additional 223,241 shares during the period. Tidal Investments LLC bought a new position in Canaan during the fourth quarter worth $9,584,000. Finally, Millennium Management LLC increased its position in Canaan by 139.7% during the fourth quarter. Millennium Management LLC now owns 2,808,545 shares of the company’s stock worth $5,758,000 after acquiring an additional 1,637,019 shares during the period. Institutional investors own 70.14% of the company’s stock.

Canaan Stock Performance

Shares of NASDAQ:CAN traded up $0.04 during trading on Monday, reaching $1.79. The stock had a trading volume of 12,097,365 shares, compared to its average volume of 16,136,154. Canaan has a 52 week low of $0.72 and a 52 week high of $3.27. The firm has a market capitalization of $504.03 million, a price-to-earnings ratio of -1.33 and a beta of 3.26. The company has a quick ratio of 1.45, a current ratio of 2.03 and a debt-to-equity ratio of 0.08. The stock has a fifty day simple moving average of $2.15 and a two-hundred day simple moving average of $1.54.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on CAN shares. HC Wainwright reaffirmed a “buy” rating and set a $3.00 price objective on shares of Canaan in a research report on Wednesday, January 22nd. Rosenblatt Securities lifted their price target on shares of Canaan from $3.00 to $4.00 and gave the company a “buy” rating in a research report 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.