Canaan Inc. (NASDAQ:CAN) Sees Significant Drop in Short Interest

Canaan Inc. (NASDAQ:CAN) saw a large drop in short interest in the month of January. As of January 31st, there was short interest totalling 18,900,000 shares, a drop 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 currently 0.9 days.

Institutional Trading of Canaan

Several institutional investors and hedge funds have recently made changes to their positions in the stock. EntryPoint Capital LLC purchased a new stake in shares of Canaan during the 4th quarter valued at $32,000. Raymond James Financial Inc. purchased a new position in Canaan in the 4th quarter worth $33,000. Wellington Management Group LLP purchased a new position in Canaan in the 4th quarter worth $48,000. State Street Corp raised its position 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 purchasing an additional 23,759 shares during the period. Finally, Virtu Financial LLC raised its position in Canaan by 35.2% in the 3rd quarter. Virtu Financial LLC now owns 103,394 shares of the company’s stock worth $104,000 after purchasing an additional 26,920 shares during the period. Hedge funds and other institutional investors own 70.14% of the company’s stock.

Wall Street Analysts Forecast Growth

CAN has been the topic of several recent analyst reports. Rosenblatt Securities increased their target price on shares of Canaan from $3.00 to $4.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. HC Wainwright reiterated a “buy” rating and issued a $3.00 target price on shares of Canaan in a research note on Wednesday, January 22nd.

Canaan Stock Performance

Canaan stock opened at $1.78 on Tuesday. The firm’s fifty day moving average price is $2.13 and its 200-day moving average price is $1.54. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.45 and a current ratio of 2.03. The stock has a market cap of $499.80 million, a P/E ratio of -1.31 and a beta of 3.26. Canaan has a fifty-two week low of $0.72 and a fifty-two week high of $3.27.

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.