Short Interest in Canaan Inc. (NASDAQ:CAN) Expands By 6.5%

Canaan Inc. (NASDAQ:CAN - Get Free Report) was the target of a large growth in short interest in October. As of October 15th, there was short interest totalling 24,160,000 shares, a growth of 6.5% from the September 30th total of 22,680,000 shares. Based on an average daily trading volume, of 5,190,000 shares, the short-interest ratio is presently 4.7 days.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the stock. B. Riley assumed coverage on shares of Canaan in a research report on Wednesday, September 18th. They issued a "buy" rating and a $2.00 price target on the stock. HC Wainwright reaffirmed a "buy" rating and issued a $3.00 price target on shares of Canaan in a report on Friday, August 16th. Nomura Securities raised Canaan to a "hold" rating in a report on Monday, August 19th. Finally, Rosenblatt Securities assumed coverage on shares of Canaan in a research note on Wednesday, September 11th. They issued a "buy" rating and a $3.00 target price for the company. One analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, Canaan currently has a consensus rating of "Moderate Buy" and a consensus price target of $3.38.

Canaan Stock Up 4.6 %

Shares of CAN stock traded up $0.06 during mid-day trading on Wednesday, reaching $1.36. 12,103,839 shares of the company's stock traded hands, compared to its average volume of 10,701,478. Canaan has a 12 month low of $0.72 and a 12 month high of $3.50. The company has a market cap of $411.20 million, a P/E ratio of -0.88 and a beta of 3.08. The company's 50-day moving average price is $1.00 and its 200-day moving average price is $1.01. The company has a quick ratio of 1.75, a current ratio of 2.88 and a debt-to-equity ratio of 0.06.

Canaan (NASDAQ:CAN - Get Free Report) last issued its earnings results on Thursday, August 15th. The company reported ($0.15) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.30) by $0.15. The firm had revenue of $71.86 million for the quarter, compared to the consensus estimate of $51.90 million. Canaan had a negative net margin of 158.65% and a negative return on equity of 59.66%. On average, equities analysts expect that Canaan will post -0.6 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Canaan

A number of hedge funds have recently modified their holdings of the business. Vanguard Personalized Indexing Management LLC bought a new stake in Canaan in the 2nd quarter worth approximately $34,000. IvyRock Asset Management HK Ltd purchased a new stake in Canaan in the 1st quarter valued at about $73,000. XTX Topco Ltd bought a new position in Canaan in the 2nd quarter worth about $79,000. Farther Finance Advisors LLC raised its stake in shares of Canaan by 38.6% during the third quarter. Farther Finance Advisors LLC now owns 109,409 shares of the company's stock valued at $111,000 after acquiring an additional 30,447 shares in the last quarter. Finally, Impact Partnership Wealth LLC boosted its holdings in shares of Canaan by 271.1% in the second quarter. Impact Partnership Wealth LLC now owns 125,990 shares of the company's stock valued at $126,000 after purchasing an additional 92,038 shares during the period. Institutional investors own 70.14% of the company's stock.

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.