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

Canaan Inc. (NASDAQ:CAN) was the target of a significant decline in short interest in the month of April. As of April 15th, there was short interest totalling 25,400,000 shares, a decline 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 short-interest ratio is currently 1.5 days.

Canaan Price Performance

Shares of NASDAQ CAN opened at $0.87 on Thursday. Canaan has a 12 month low of $0.75 and a 12 month high of $3.50. The business’s 50 day moving average is $1.36 and its two-hundred day moving average is $1.69.

Canaan (NASDAQ:CAN) last posted 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 company had revenue of $49.07 million for the quarter, compared to the consensus estimate of $33.90 million. Canaan had a negative net margin of 195.84% and a negative return on equity of 80.13%. On average, equities research analysts expect that Canaan will post -1.35 EPS for the current year.

Hedge Funds Weigh In On Canaan

Several large investors have recently added to or reduced their stakes in the company. New York State Common Retirement Fund lifted its holdings in shares of Canaan by 88.1% during the 3rd quarter. New York State Common Retirement Fund now owns 17,704 shares of the company’s stock worth $32,000 after acquiring an additional 8,290 shares during the period. QRG Capital Management Inc. bought a new position in Canaan during the third quarter worth about $33,000. Tower Research Capital LLC TRC acquired a new stake in Canaan during the fourth quarter valued at approximately $44,000. China Universal Asset Management Co. Ltd. acquired a new stake in Canaan during the fourth quarter valued at approximately $49,000. Finally, Greystone Financial Group LLC bought a new stake in shares of Canaan in the 3rd quarter valued at approximately $49,000. Institutional investors and hedge funds 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.