Canaan Inc. (NASDAQ:CAN) Short Interest Update

Canaan Inc. (NASDAQ:CAN) was the target of a large decrease in short interest in August. As of August 31st, there was short interest totalling 23,740,000 shares, a decrease of 5.3% from the August 15th total of 25,070,000 shares. Based on an average daily volume of 5,620,000 shares, the days-to-cover ratio is currently 4.2 days.

Wall Street Analysts Forecast Growth

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

Canaan Trading Down 0.9 %

Shares of CAN stock opened at $1.07 on Thursday. The firm’s 50 day moving average is $0.99 and its 200 day moving average is $1.08. The stock has a market capitalization of $299.84 million, a P/E ratio of -0.52 and a beta of 3.08. The company has a current ratio of 2.88, a quick ratio of 1.75 and a debt-to-equity ratio of 0.06. Canaan has a 12-month low of $0.72 and a 12-month high of $3.50.

Canaan (NASDAQ:CAN) last released its quarterly earnings results on Thursday, August 15th. The company reported ($0.15) earnings per share (EPS) for the quarter, beating 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 business had revenue of $71.86 million during the quarter, compared to the consensus estimate of $51.90 million. Research analysts expect that Canaan will post -0.6 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the business. XTX Topco Ltd bought a new position in Canaan in the 2nd quarter worth $79,000. Vanguard Personalized Indexing Management LLC bought a new position in shares of Canaan in the 2nd quarter valued at about $34,000. Impact Partnership Wealth LLC grew its position in Canaan by 271.1% in the second quarter. Impact Partnership Wealth LLC now owns 125,990 shares of the company’s stock worth $126,000 after acquiring an additional 92,038 shares in the last quarter. Van ECK Associates Corp grew its position in Canaan by 55.4% in the second quarter. Van ECK Associates Corp now owns 9,762,972 shares of the company’s stock worth $9,761,000 after acquiring an additional 3,482,283 shares in the last quarter. Finally, Commonwealth Equity Services LLC raised its position in Canaan by 20.4% during the second quarter. Commonwealth Equity Services LLC now owns 215,372 shares of the company’s stock valued at $215,000 after purchasing an additional 36,422 shares during the period. 70.14% of the stock is currently owned by institutional investors.

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.