Canaan Inc. (NASDAQ:CAN) Short Interest Up 15.8% in March

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

Canaan Trading Down 2.7 %

CAN traded down $0.03 during midday trading on Tuesday, reaching $1.10. The company’s stock had a trading volume of 9,138,381 shares, compared to its average volume of 17,769,627. The stock has a market cap of $256.85 million, a P/E ratio of -0.46 and a beta of 3.01. The company has a fifty day simple moving average of $1.56 and a 200 day simple moving average of $1.75. Canaan has a twelve month low of $1.07 and a twelve month high of $3.50.

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

Institutional Trading of Canaan

Institutional investors have recently modified their holdings of the company. Vanguard Group Inc. lifted its position in shares of Canaan by 4.1% during the 3rd quarter. Vanguard Group Inc. now owns 6,386,618 shares of the company’s stock worth $20,948,000 after buying an additional 252,678 shares during the period. Van ECK Associates Corp lifted its position in shares of Canaan by 91.6% during the 4th quarter. Van ECK Associates Corp now owns 4,550,161 shares of the company’s stock worth $10,511,000 after buying an additional 2,175,807 shares during the period. SG Americas Securities LLC bought a new position in shares of Canaan during the 4th quarter worth approximately $9,311,000. Invesco Ltd. lifted its position in shares of Canaan by 27.7% during the 3rd quarter. Invesco Ltd. now owns 3,702,627 shares of the company’s stock worth $6,739,000 after buying an additional 803,940 shares during the period. Finally, BlackRock Inc. raised its position in Canaan by 12.6% in the 2nd quarter. BlackRock Inc. now owns 3,463,223 shares of the company’s stock valued at $7,377,000 after purchasing an additional 387,481 shares during the last quarter. Institutional investors and hedge funds 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.