Canaan Inc. (NASDAQ:CAN) Short Interest Update

Canaan Inc. (NASDAQ:CAN) was the target of a significant decrease in short interest in the month of December. As of December 31st, there was short interest totalling 20,570,000 shares, a decrease of 15.9% from the December 15th total of 24,450,000 shares. Based on an average daily volume of 17,020,000 shares, the short-interest ratio is presently 1.2 days.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on CAN shares. HC Wainwright restated a “buy” rating and issued a $3.00 price target on shares of Canaan in a research report on Thursday, November 21st. Rosenblatt Securities raised their target price on shares of Canaan from $3.00 to $4.00 and gave the stock a “buy” rating in a report on Friday, December 6th.

Institutional Trading of Canaan

Hedge funds and other institutional investors have recently bought and sold shares of the business. State Street Corp grew its stake in Canaan by 0.3% in the 3rd 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 in the last quarter. Prime Capital Investment Advisors LLC boosted its holdings in shares of Canaan by 4.9% in the third quarter. Prime Capital Investment Advisors LLC now owns 914,385 shares of the company’s stock valued at $924,000 after purchasing an additional 42,774 shares during the period. OVERSEA CHINESE BANKING Corp Ltd bought a new position in Canaan in the third quarter worth approximately $556,000. Quadrature Capital Ltd increased its holdings in Canaan by 329.4% during the 3rd quarter. Quadrature Capital Ltd now owns 544,976 shares of the company’s stock worth $550,000 after purchasing an additional 418,052 shares during the period. Finally, XTX Topco Ltd raised its position in Canaan by 193.3% during the 3rd quarter. XTX Topco Ltd now owns 232,525 shares of the company’s stock valued at $235,000 after purchasing an additional 153,255 shares in the last quarter. Hedge funds and other institutional investors own 70.14% of the company’s stock.

Canaan Trading Up 5.8 %

Shares of NASDAQ CAN traded up $0.11 during midday trading on Friday, hitting $2.01. The company’s stock had a trading volume of 27,100,618 shares, compared to its average volume of 16,782,204. Canaan has a 12-month low of $0.72 and a 12-month high of $3.27. The company has a current ratio of 2.03, a quick ratio of 1.45 and a debt-to-equity ratio of 0.08. The firm has a market cap of $565.98 million, a P/E ratio of -1.49 and a beta of 3.27. The business’s 50 day moving average is $2.14 and its two-hundred day moving average is $1.41.

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.