Canaan Inc. (NASDAQ:CAN) Short Interest Update

Canaan Inc. (NASDAQ:CAN) was the recipient of a significant growth in short interest in October. As of October 15th, there was short interest totalling 24,160,000 shares, a growth of 6.5% from the September 30th total of 22,680,000 shares. Based on an average trading volume of 5,190,000 shares, the days-to-cover ratio is presently 4.7 days.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on CAN shares. HC Wainwright restated a “buy” rating and issued a $3.00 target price on shares of Canaan in a research note on Friday, August 16th. Rosenblatt Securities started coverage on Canaan in a research note on Wednesday, September 11th. They issued a “buy” rating and a $3.00 target price for the company. Nomura Securities upgraded Canaan to a “hold” rating in a research note on Monday, August 19th. Finally, B. Riley started coverage on Canaan in a research note on Wednesday, September 18th. They issued a “buy” rating and a $2.00 target price for the company. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $3.38.

Institutional Investors Weigh In On Canaan

A number of hedge funds have recently modified their holdings of CAN. Vanguard Personalized Indexing Management LLC acquired a new stake in shares of Canaan during the second quarter worth about $34,000. IvyRock Asset Management HK Ltd acquired a new stake in Canaan in the 1st quarter valued at approximately $73,000. XTX Topco Ltd acquired a new stake in Canaan in the 2nd quarter valued at approximately $79,000. Farther Finance Advisors LLC raised its position in Canaan by 38.6% in the 3rd 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 last quarter. Finally, Impact Partnership Wealth LLC raised its position in Canaan by 271.1% in the 2nd 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.

Canaan Trading Up 4.2 %

Canaan stock traded up $0.06 during mid-day trading on Wednesday, hitting $1.36. The stock had a trading volume of 7,674,332 shares, compared to its average volume of 10,680,423. The stock has a 50-day simple moving average of $1.00 and a two-hundred day simple moving average of $1.00. The stock has a market capitalization of $409.69 million, a PE ratio of -0.84 and a beta of 3.08. Canaan has a 12 month low of $0.72 and a 12 month high of $3.50. The company has a current ratio of 2.88, a quick ratio of 1.75 and a debt-to-equity ratio of 0.06.

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

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.