Canaan Inc. (NASDAQ:CAN – Get Rating) was the recipient of a large growth in short interest in April. As of April 15th, there was short interest totalling 9,130,000 shares, a growth of 18.3% from the March 31st total of 7,720,000 shares. Based on an average daily volume of 5,280,000 shares, the short-interest ratio is currently 1.7 days.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. California Public Employees Retirement System raised its stake in shares of Canaan by 2.0% during the 4th quarter. California Public Employees Retirement System now owns 253,750 shares of the company’s stock worth $1,307,000 after purchasing an additional 4,901 shares during the period. Daiwa Securities Group Inc. increased its holdings in Canaan by 45.7% in the 1st quarter. Daiwa Securities Group Inc. now owns 21,205 shares of the company’s stock worth $115,000 after acquiring an additional 6,656 shares during the last quarter. Wells Fargo & Company MN increased its holdings in Canaan by 124.7% in the 2nd quarter. Wells Fargo & Company MN now owns 12,015 shares of the company’s stock worth $98,000 after acquiring an additional 6,668 shares during the last quarter. Cubist Systematic Strategies LLC grew its holdings in Canaan by 66.2% during the 4th quarter. Cubist Systematic Strategies LLC now owns 19,108 shares of the company’s stock valued at $98,000 after buying an additional 7,608 shares in the last quarter. Finally, Itau Unibanco Holding S.A. bought a new stake in shares of Canaan during the fourth quarter valued at about $40,000. Institutional investors own 13.77% of the company’s stock.
Separately, DA Davidson assumed coverage on Canaan in a report on Tuesday, April 5th. They set a “buy” rating and a $15.00 price target for the company.
NASDAQ CAN opened at $3.81 on Wednesday. The company has a fifty day moving average price of $4.91. The firm has a market cap of $602.54 million, a PE ratio of 2.24 and a beta of 3.94. Canaan has a 52 week low of $3.10 and a 52 week high of $12.96.
Canaan (NASDAQ:CAN – Get Rating) last issued its earnings results on Thursday, March 3rd. The company reported $1.05 earnings per share (EPS) for the quarter. Canaan had a return on equity of 86.99% and a net margin of 38.44%. The company had revenue of $342.80 million for the quarter. Equities analysts predict that Canaan will post 2.6 earnings per share for the current year.
About Canaan
Canaan Inc engages in the research, design, and sale of integrated circuit (IC) final system 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 of system products; and supply chain and distribution of system products.