Canaan Inc. (NASDAQ:CAN) Short Interest Down 15.9% in December

Canaan Inc. (NASDAQ:CAN) saw a significant decline in short interest during the month of December. As of December 31st, there was short interest totalling 20,570,000 shares, a decline of 15.9% from the December 15th total of 24,450,000 shares. Based on an average trading volume of 17,020,000 shares, the short-interest ratio is presently 1.2 days.

Institutional Investors Weigh In On Canaan

Institutional investors have recently added to or reduced their stakes in the stock. Quadrature Capital Ltd raised its holdings in shares of Canaan by 329.4% in the third quarter. Quadrature Capital Ltd now owns 544,976 shares of the company’s stock valued at $550,000 after purchasing an additional 418,052 shares during the last quarter. OVERSEA CHINESE BANKING Corp Ltd acquired a new stake in shares of Canaan in the third quarter valued at approximately $556,000. State Street Corp lifted its holdings in Canaan by 0.3% during the 3rd quarter. State Street Corp now owns 9,111,069 shares of the company’s stock valued at $9,202,000 after purchasing an additional 23,759 shares during the last quarter. Commonwealth Equity Services LLC lifted its stake in shares of Canaan by 20.4% during the 2nd quarter. Commonwealth Equity Services LLC now owns 215,372 shares of the company’s stock worth $215,000 after buying an additional 36,422 shares during the last quarter. Finally, Farther Finance Advisors LLC boosted its holdings 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 worth $111,000 after acquiring an additional 30,447 shares during the period. 70.14% of the stock is owned by institutional investors.

Canaan Trading Up 5.8 %

CAN traded up $0.11 during mid-day trading on Friday, hitting $2.01. The stock had a trading volume of 27,100,618 shares, compared to its average volume of 16,782,204. The stock’s fifty day simple moving average is $2.14 and its 200-day simple moving average is $1.41. The firm has a market capitalization of $565.98 million, a price-to-earnings ratio of -1.49 and a beta of 3.27. Canaan has a 1-year low of $0.72 and a 1-year high of $3.27. The company has a debt-to-equity ratio of 0.08, a current ratio of 2.03 and a quick ratio of 1.45.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. HC Wainwright reaffirmed a “buy” rating and issued a $3.00 target price on shares of Canaan in a research note on Thursday, November 21st. Rosenblatt Securities boosted their price objective on shares of Canaan from $3.00 to $4.00 and gave the stock a “buy” rating in a research 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.