Canaan Inc. (NASDAQ:CAN) Short Interest Update

Canaan Inc. (NASDAQ:CAN) saw a large decrease in short interest in the month of January. As of January 31st, there was short interest totalling 18,900,000 shares, a decrease of 6.4% from the January 15th total of 20,200,000 shares. Based on an average daily trading volume, of 20,320,000 shares, the short-interest ratio is presently 0.9 days.

Canaan Stock Performance

CAN stock opened at $1.75 on Wednesday. The firm has a market cap of $492.77 million, a price-to-earnings ratio of -1.30 and a beta of 3.26. Canaan has a twelve month low of $0.72 and a twelve month high of $3.27. 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 business’s fifty day simple moving average is $2.11 and its two-hundred day simple moving average is $1.55.

Wall Street Analysts Forecast Growth

Several research firms have commented on CAN. HC Wainwright reaffirmed a “buy” rating and set a $3.00 price objective on shares of Canaan in a research note on Wednesday, January 22nd. Rosenblatt Securities upped their price target on shares of Canaan from $3.00 to $4.00 and gave the company a “buy” rating in a report on Friday, December 6th.

Institutional Investors Weigh In On Canaan

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. EntryPoint Capital LLC bought a new stake in Canaan during the 4th quarter valued at $32,000. Raymond James Financial Inc. purchased a new position in shares of Canaan during the fourth quarter valued at $33,000. Wellington Management Group LLP purchased a new position in shares of Canaan during the fourth quarter valued at $48,000. State Street Corp raised its holdings in shares of Canaan by 0.3% in the third quarter. State Street Corp now owns 9,111,069 shares of the company’s stock valued at $9,202,000 after acquiring an additional 23,759 shares in the last quarter. Finally, Virtu Financial LLC lifted its stake in Canaan by 35.2% in the third quarter. Virtu Financial LLC now owns 103,394 shares of the company’s stock worth $104,000 after acquiring an additional 26,920 shares during the period. Institutional investors own 70.14% of the company’s stock.

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.