Canaan Inc. (NASDAQ:CAN) Short Interest Update

Canaan Inc. (NASDAQ:CANGet Free Report) was the recipient of a significant growth in short interest during the month of August. As of August 31st, there was short interest totalling 10,510,000 shares, a growth of 18.6% from the August 15th total of 8,860,000 shares. Based on an average daily trading volume, of 3,000,000 shares, the days-to-cover ratio is currently 3.5 days.

Canaan Trading Down 1.1 %

Shares of NASDAQ CAN traded down $0.02 during midday trading on Monday, hitting $1.86. The company’s stock had a trading volume of 1,158,557 shares, compared to its average volume of 2,530,744. The stock has a fifty day moving average price of $2.45 and a 200 day moving average price of $2.47. Canaan has a one year low of $1.79 and a one year high of $3.98. The firm has a market capitalization of $316.27 million, a price-to-earnings ratio of -1.25 and a beta of 3.29.

Analysts Set New Price Targets

Separately, HC Wainwright restated a “buy” rating and set a $4.00 price target on shares of Canaan in a report on Wednesday, August 30th.

Read Our Latest Research Report on CAN

Institutional Trading of Canaan

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. GTS Securities LLC bought a new stake in Canaan during the 2nd quarter worth approximately $46,000. Two Sigma Securities LLC increased its holdings in Canaan by 215.9% during the 2nd quarter. Two Sigma Securities LLC now owns 47,482 shares of the company’s stock worth $101,000 after acquiring an additional 32,452 shares during the period. State Street Corp grew its stake in Canaan by 165.5% in the 2nd quarter. State Street Corp now owns 3,388,653 shares of the company’s stock worth $7,218,000 after buying an additional 2,112,322 shares in the last quarter. BlackRock Inc. grew its stake in Canaan by 12.6% in the 2nd quarter. BlackRock Inc. now owns 3,463,223 shares of the company’s stock worth $7,377,000 after buying an additional 387,481 shares in the last quarter. Finally, Geode Capital Management LLC grew its stake in Canaan by 36.4% in the 2nd quarter. Geode Capital Management LLC now owns 208,360 shares of the company’s stock worth $447,000 after buying an additional 55,618 shares in the last quarter. Institutional investors own 17.37% of the company’s stock.

About Canaan

(Get Free Report)

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.

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