Short Interest in Canaan Inc. (NASDAQ:CAN) Grows By 15.8%

Canaan Inc. (NASDAQ:CAN - Get Free Report) was the target of a significant growth in short interest in 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 volume of 18,120,000 shares, the days-to-cover ratio is currently 1.5 days.

Canaan Trading Down 4.8 %

Shares of NASDAQ:CAN traded down $0.06 during midday trading on Friday, reaching $1.20. 6,011,599 shares of the company were exchanged, compared to its average volume of 9,766,503. The stock has a market cap of $280.20 million, a PE ratio of -0.50 and a beta of 3.01. Canaan has a one year low of $1.13 and a one year high of $3.50. The business's fifty day moving average is $1.56 and its two-hundred day moving average is $1.76.

Canaan (NASDAQ:CAN - Get Free Report) last issued its quarterly earnings data on Tuesday, February 27th. The company reported ($0.35) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.35). The business had revenue of $49.07 million for the quarter, compared to analysts' expectations of $33.90 million. Canaan had a negative return on equity of 80.13% and a negative net margin of 195.84%. As a group, sell-side analysts expect that Canaan will post -1.35 EPS for the current year.

Institutional Trading of Canaan

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Engineers Gate Manager LP purchased a new position in shares of Canaan during the fourth quarter valued at approximately $31,000. New York State Common Retirement Fund increased its stake in Canaan by 88.1% in the 3rd quarter. New York State Common Retirement Fund now owns 17,704 shares of the company's stock worth $32,000 after buying an additional 8,290 shares during the period. QRG Capital Management Inc. purchased a new stake in Canaan in the 3rd quarter valued at about $33,000. Credit Suisse AG grew its stake in Canaan by 31,721.2% in the 4th quarter. Credit Suisse AG now owns 16,547 shares of the company's stock worth $34,000 after acquiring an additional 16,495 shares in the last quarter. Finally, Bank of America Corp DE increased its position in shares of 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 acquiring an additional 4,118 shares during the period. Hedge funds and other institutional investors own 70.14% of the company's stock.

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.