Canaan Inc. (NASDAQ:CAN) Short Interest Update

Canaan Inc. (NASDAQ:CAN - Get Free Report) was the target of a large decrease in short interest in 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 trading volume of 20,320,000 shares, the days-to-cover ratio is currently 0.9 days.

Analyst Upgrades and Downgrades

CAN has been the topic of several research analyst reports. HC Wainwright reiterated a "buy" rating and set a $3.00 price objective on shares of Canaan in a research report on Wednesday, January 22nd. Rosenblatt Securities reiterated a "buy" rating and set a $8.00 price target on shares of Canaan in a report on Thursday.

Hedge Funds Weigh In On Canaan

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

Canaan Stock Down 6.7 %

NASDAQ CAN traded down $0.12 on Friday, reaching $1.67. The stock had a trading volume of 11,416,670 shares, compared to its average volume of 15,339,284. Canaan has a 1 year low of $0.72 and a 1 year high of $3.27. The business has a 50 day moving average price of $2.05 and a 200 day moving average price of $1.56. 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 company has a market capitalization of $470.24 million, a price-to-earnings ratio of -1.24 and a beta of 3.26.

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.