Canaan Inc. (NASDAQ:CAN) Sees Significant Growth in Short Interest

Canaan Inc. (NASDAQ:CAN) saw a significant increase in short interest in August. As of August 31st, there was short interest totalling 10,510,000 shares, an increase 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 short-interest ratio is currently 3.5 days.

Institutional Trading of Canaan

A number of hedge funds and other institutional investors have recently modified their holdings of CAN. Envestnet Asset Management Inc. bought a new stake in shares of Canaan during the first quarter worth $256,000. Raymond James Financial Services Advisors Inc. bought a new stake in shares of Canaan during the first quarter worth $55,000. Cambridge Investment Research Advisors Inc. grew its stake in shares of Canaan by 22.7% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 26,810 shares of the company’s stock worth $146,000 after buying an additional 4,960 shares during the last quarter. Panagora Asset Management Inc. bought a new stake in shares of Canaan during the first quarter worth $110,000. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS bought a new stake in shares of Canaan during the first quarter worth $88,000. Institutional investors own 17.37% of the company’s stock.

Analysts Set New Price Targets

Separately, HC Wainwright reissued a “buy” rating and issued a $4.00 price objective on shares of Canaan in a research note on Wednesday, August 30th.

Canaan Price Performance

Shares of NASDAQ:CAN opened at $1.86 on Tuesday. The company’s 50 day simple moving average is $2.45 and its 200 day simple moving average is $2.47. The stock has a market capitalization of $316.27 million, a price-to-earnings ratio of -1.25 and a beta of 3.29. Canaan has a 1 year low of $1.79 and a 1 year high of $3.98.

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.