Canaan Inc. (NASDAQ:CAN) Sees Large Increase in Short Interest

Canaan Inc. (NASDAQ:CANGet Rating) saw a significant growth in short interest in August. As of August 31st, there was short interest totalling 9,320,000 shares, a growth of 54.0% from the August 15th total of 6,050,000 shares. Based on an average trading volume of 2,080,000 shares, the short-interest ratio is presently 4.5 days.

Hedge Funds Weigh In On Canaan

Several hedge funds have recently bought and sold shares of CAN. First Trust Advisors LP increased its holdings in Canaan by 43.1% in the 4th quarter. First Trust Advisors LP now owns 190,783 shares of the company’s stock valued at $983,000 after buying an additional 57,482 shares during the period. California Public Employees Retirement System grew its holdings in shares of Canaan by 2.0% during the 4th quarter. California Public Employees Retirement System now owns 253,750 shares of the company’s stock valued at $1,307,000 after purchasing an additional 4,901 shares during the last quarter. Rafferty Asset Management LLC bought a new stake in shares of Canaan during the 4th quarter valued at approximately $1,891,000. Qube Research & Technologies Ltd bought a new stake in shares of Canaan during the 4th quarter valued at approximately $289,000. Finally, GSA Capital Partners LLP bought a new stake in shares of Canaan during the 4th quarter valued at approximately $161,000. 16.67% of the stock is owned by institutional investors.

Canaan Price Performance

Shares of CAN stock opened at $3.28 on Friday. The stock has a market cap of $613.17 million, a P/E ratio of 1.36 and a beta of 3.67. The company has a fifty day moving average price of $3.76 and a two-hundred day moving average price of $4.01. Canaan has a one year low of $2.56 and a one year high of $11.19.

Canaan (NASDAQ:CANGet Rating) last posted its earnings results on Thursday, August 18th. The company reported $0.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.31 by $0.20. The company had revenue of $246.74 million during the quarter, compared to analysts’ expectations of $252.30 million. Canaan had a net margin of 41.75% and a return on equity of 73.44%. As a group, equities research analysts anticipate that Canaan will post 1.11 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on CAN shares. Benchmark started coverage on shares of Canaan in a research report on Tuesday, June 7th. They set a “buy” rating and a $9.00 price objective for the company. HC Wainwright started coverage on shares of Canaan in a research report on Wednesday, July 6th. They set a “buy” rating and a $5.00 price objective for the company.

About Canaan

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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 primarily in the People's Republic of China. It is also involved in the assembly and distribution of mining equipment and spare parts.

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