Canaan Inc. (NASDAQ:CAN – Get Free Report) was the recipient of a large drop in short interest in the month of April. As of April 15th, there was short interest totalling 25,400,000 shares, a drop of 5.5% from the March 31st total of 26,870,000 shares. Based on an average daily trading volume, of 17,200,000 shares, the days-to-cover ratio is presently 1.5 days.
Institutional Investors Weigh In On Canaan
Hedge funds and other institutional investors have recently made changes to their positions in the stock. SG Americas Securities LLC acquired a new stake in Canaan during the 4th quarter worth approximately $9,311,000. Van ECK Associates Corp boosted its position in Canaan by 35.5% during the 3rd quarter. Van ECK Associates Corp now owns 2,374,354 shares of the company’s stock worth $4,321,000 after buying an additional 622,386 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its position in Canaan by 72.2% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,782,634 shares of the company’s stock worth $4,118,000 after buying an additional 747,152 shares during the period. Invesco Ltd. lifted its position in shares of Canaan by 27.7% in the 3rd quarter. Invesco Ltd. now owns 3,702,627 shares of the company’s stock worth $6,739,000 after purchasing an additional 803,940 shares during the period. Finally, China Universal Asset Management Co. Ltd. acquired a new position in shares of Canaan in the 4th quarter worth approximately $49,000. 70.14% of the stock is owned by institutional investors.
Canaan Trading Down 6.8 %
CAN stock traded down $0.06 during mid-day trading on Tuesday, hitting $0.89. The stock had a trading volume of 9,080,907 shares, compared to its average volume of 17,449,365. Canaan has a 52 week low of $0.75 and a 52 week high of $3.50. The firm has a market capitalization of $206.79 million, a P/E ratio of -0.38 and a beta of 3.01. The firm has a fifty day simple moving average of $1.38 and a 200 day simple moving average of $1.70.
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.
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