Short Interest in Canaan Inc. (NASDAQ:CAN) Drops By 5.3%

Canaan Inc. (NASDAQ:CAN) was the target of a large drop in short interest in September. As of September 30th, there was short interest totalling 22,680,000 shares, a drop of 5.3% from the September 15th total of 23,950,000 shares. Based on an average trading volume of 5,420,000 shares, the short-interest ratio is currently 4.2 days.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CAN. Van ECK Associates Corp lifted its stake in shares of Canaan by 38.0% during the 1st quarter. Van ECK Associates Corp now owns 6,280,689 shares of the company’s stock valued at $9,546,000 after buying an additional 1,730,528 shares in the last quarter. Nomura Holdings Inc. lifted its position in shares of Canaan by 1,463.2% during the fourth quarter. Nomura Holdings Inc. now owns 1,271,925 shares of the company’s stock worth $2,938,000 after acquiring an additional 1,190,557 shares in the last quarter. Quadrature Capital Ltd boosted its holdings in shares of Canaan by 323.3% in the first quarter. Quadrature Capital Ltd now owns 280,686 shares of the company’s stock worth $422,000 after acquiring an additional 214,384 shares during the period. SG Americas Securities LLC grew its position in shares of Canaan by 33.6% in the first quarter. SG Americas Securities LLC now owns 5,385,073 shares of the company’s stock valued at $8,185,000 after purchasing an additional 1,354,333 shares in the last quarter. Finally, SRN Advisors LLC raised its stake in shares of Canaan by 4.9% during the 1st quarter. SRN Advisors LLC now owns 739,303 shares of the company’s stock valued at $1,124,000 after purchasing an additional 34,382 shares during the period. 70.14% of the stock is currently owned by hedge funds and other institutional investors.

Canaan Trading Up 3.1 %

CAN opened at $1.00 on Thursday. Canaan has a fifty-two week low of $0.72 and a fifty-two week high of $3.50. The firm has a market capitalization of $280.22 million, a PE ratio of -0.49 and a beta of 3.08. The company has a debt-to-equity ratio of 0.06, a current ratio of 2.88 and a quick ratio of 1.75. The company’s 50-day moving average is $0.97 and its 200 day moving average is $1.02.

Canaan (NASDAQ:CAN) last posted its quarterly earnings data 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 net margin of 158.65% and a negative return on equity of 59.66%. The firm had revenue of $71.86 million for the quarter, compared to the consensus estimate of $51.90 million. As a group, research analysts predict that Canaan will post -0.6 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

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

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.