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

Canaan Inc. (NASDAQ:CAN) was the target of a significant 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 volume of 20,320,000 shares, the days-to-cover ratio is currently 0.9 days.

Canaan Trading Down 2.2 %

Canaan stock opened at $1.75 on Wednesday. The company has a debt-to-equity ratio of 0.08, a current ratio of 2.03 and a quick ratio of 1.45. The firm’s 50 day moving average price is $2.11 and its 200-day moving average price is $1.55. Canaan has a 1 year low of $0.72 and a 1 year high of $3.27. The stock has a market cap of $492.77 million, a P/E ratio of -1.30 and a beta of 3.26.

Institutional Trading of Canaan

Hedge funds have recently bought and sold shares of the stock. EntryPoint Capital LLC purchased a new stake in shares of Canaan during the 4th quarter worth approximately $32,000. Raymond James Financial Inc. purchased a new stake in Canaan during the fourth quarter valued at $33,000. Wellington Management Group LLP purchased a new stake in Canaan during the fourth quarter valued at $48,000. Chesapeake Capital Corp IL bought a new position in Canaan during the fourth quarter valued at $79,000. Finally, SBI Securities Co. Ltd. bought a new stake in shares of Canaan in the 4th quarter worth about $83,000. Hedge funds and other institutional investors own 70.14% of the company’s stock.

Analyst Ratings Changes

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

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.