Canaan Inc. (NASDAQ:CAN) Short Interest Down 5.5% in April

Canaan Inc. (NASDAQ:CAN - Get Free Report) saw a significant decrease in short interest during the month of April. As of April 15th, there was short interest totalling 25,400,000 shares, a decrease of 5.5% from the March 31st total of 26,870,000 shares. Based on an average daily volume of 17,200,000 shares, the days-to-cover ratio is currently 1.5 days.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of CAN. New York State Common Retirement Fund raised its holdings 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 valued at $32,000 after acquiring an additional 8,290 shares during the last quarter. QRG Capital Management Inc. acquired a new stake in Canaan in the 3rd quarter valued at about $33,000. Tower Research Capital LLC TRC acquired a new stake in Canaan in the 4th quarter valued at about $44,000. China Universal Asset Management Co. Ltd. acquired a new stake in Canaan in the 4th quarter valued at about $49,000. Finally, Greystone Financial Group LLC acquired a new stake in Canaan in the 3rd quarter valued at about $49,000. 70.14% of the stock is owned by hedge funds and other institutional investors.

Canaan Price Performance

NASDAQ:CAN traded down $0.07 during mid-day trading on Tuesday, hitting $0.88. The company's stock had a trading volume of 10,673,628 shares, compared to its average volume of 17,474,137. Canaan has a 1 year low of $0.75 and a 1 year high of $3.50. The stock has a market cap of $204.31 million, a price-to-earnings ratio of -0.36 and a beta of 3.01. The business's fifty day moving average is $1.38 and its two-hundred day moving average is $1.70.

Canaan (NASDAQ:CAN - Get Free Report) last posted its earnings results on Tuesday, February 27th. The company reported ($0.35) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.35). Canaan had a negative net margin of 195.84% and a negative return on equity of 80.13%. The business had revenue of $49.07 million for the quarter, compared to analyst estimates of $33.90 million. Analysts anticipate that Canaan will post -1.35 EPS for the current fiscal year.

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.