Canaan Inc. (NASDAQ:CAN) Sees Significant Growth in Short Interest

Canaan Inc. (NASDAQ:CAN) saw a large growth in short interest in the month of March. As of March 31st, there was short interest totalling 26,870,000 shares, a growth of 15.8% from the March 15th total of 23,200,000 shares. Based on an average daily trading volume, of 18,120,000 shares, the short-interest ratio is presently 1.5 days.

Canaan Trading Down 2.7 %

CAN traded down $0.03 on Tuesday, hitting $1.10. 9,138,381 shares of the company were exchanged, compared to its average volume of 17,769,627. The firm has a 50-day moving average price of $1.56 and a two-hundred day moving average price of $1.75. Canaan has a twelve month low of $1.07 and a twelve month high of $3.50. The company has a market cap of $256.85 million, a price-to-earnings ratio of -0.46 and a beta of 3.01.

Canaan (NASDAQ:CAN) last announced its quarterly earnings data on Tuesday, February 27th. The company reported ($0.35) EPS for the quarter, hitting analysts’ consensus estimates of ($0.35). The business had revenue of $49.07 million during the quarter, compared to the consensus estimate of $33.90 million. Canaan had a negative return on equity of 80.13% and a negative net margin of 195.84%. Equities analysts expect that Canaan will post -1.35 EPS for the current year.

Institutional Investors Weigh In On Canaan

A number of large investors have recently modified their holdings of the company. Engineers Gate Manager LP purchased a new stake in shares of Canaan during the 4th quarter worth approximately $31,000. New York State Common Retirement Fund increased its position in shares of Canaan by 88.1% during the third quarter. New York State Common Retirement Fund now owns 17,704 shares of the company’s stock worth $32,000 after purchasing an additional 8,290 shares in the last quarter. QRG Capital Management Inc. purchased a new stake in shares of Canaan in the 3rd quarter valued at about $33,000. Credit Suisse AG grew its stake in Canaan by 31,721.2% during the 4th quarter. Credit Suisse AG now owns 16,547 shares of the company’s stock worth $34,000 after buying an additional 16,495 shares during the last quarter. Finally, Bank of America Corp DE increased its position in Canaan by 185.8% during the first quarter. Bank of America Corp DE now owns 6,334 shares of the company’s stock worth $35,000 after buying an additional 4,118 shares during the period. 70.14% of the stock is owned by hedge funds and other institutional investors.

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.