Canaan Inc. (NASDAQ:CAN) Short Interest Update

Canaan Inc. (NASDAQ:CANGet Rating) saw a large drop in short interest in the month of July. As of July 31st, there was short interest totalling 7,930,000 shares, a drop of 11.5% from the July 15th total of 8,960,000 shares. Based on an average trading volume of 3,180,000 shares, the short-interest ratio is presently 2.5 days.

Analyst Ratings Changes

Several analysts recently commented on CAN shares. Benchmark began coverage on Canaan in a research note on Tuesday, June 7th. They issued a “buy” rating and a $9.00 price target on the stock. DA Davidson reduced their target price on shares of Canaan from $15.00 to $10.00 in a research note on Monday, May 16th. Finally, HC Wainwright initiated coverage on shares of Canaan in a research report on Wednesday, July 6th. They set a “buy” rating and a $5.00 target price for the company.

Canaan Trading Down 2.7 %

NASDAQ CAN traded down $0.11 during trading hours on Wednesday, reaching $3.96. 50,045 shares of the company’s stock were exchanged, compared to its average volume of 2,255,425. The firm has a fifty day moving average of $3.73 and a 200-day moving average of $4.23. Canaan has a one year low of $2.56 and a one year high of $11.19. The stock has a market cap of $740.28 million, a PE ratio of 1.85 and a beta of 3.68.

Canaan (NASDAQ:CANGet Rating) last announced its earnings results on Thursday, May 19th. The company reported $0.41 EPS for the quarter, hitting the consensus estimate of $0.41. The company had revenue of $213.92 million for the quarter. Canaan had a return on equity of 76.66% and a net margin of 39.61%. As a group, research analysts forecast that Canaan will post 1.11 EPS for the current year.

Institutional Trading of Canaan

A number of hedge funds and other institutional investors have recently modified their holdings of CAN. Point72 Hong Kong Ltd acquired a new stake in shares of Canaan during the 2nd quarter worth approximately $6,436,000. Invesco Ltd. raised its position in shares of Canaan by 49.2% during the 1st quarter. Invesco Ltd. now owns 2,894,464 shares of the company’s stock valued at $15,717,000 after acquiring an additional 954,400 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of Canaan by 177.5% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,056,341 shares of the company’s stock valued at $5,440,000 after purchasing an additional 675,743 shares during the period. Rafferty Asset Management LLC bought a new position in shares of Canaan in the 4th quarter worth $1,891,000. Finally, State Street Corp grew its stake in shares of Canaan by 17.8% during the first quarter. State Street Corp now owns 1,539,635 shares of the company’s stock worth $8,360,000 after purchasing an additional 233,129 shares during the period. Institutional investors and hedge funds own 13.77% of the company’s stock.

Canaan Company Profile

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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.

Further Reading

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