Brokers Issue Forecasts for Canaan Inc.’s Q3 2024 Earnings (NASDAQ:CAN)

Canaan Inc. (NASDAQ:CAN) – Analysts at HC Wainwright reduced their Q3 2024 earnings per share (EPS) estimates for shares of Canaan in a research report issued to clients and investors on Monday, May 20th. HC Wainwright analyst K. Dede now anticipates that the company will earn ($0.30) per share for the quarter, down from their prior forecast of ($0.15). HC Wainwright currently has a “Buy” rating and a $3.00 target price on the stock. The consensus estimate for Canaan’s current full-year earnings is ($1.35) per share. HC Wainwright also issued estimates for Canaan’s FY2024 earnings at ($0.90) EPS.

Canaan (NASDAQ:CAN) last issued its earnings results on Tuesday, February 27th. The company reported ($0.35) EPS for the quarter, hitting the consensus estimate of ($0.35). Canaan had a negative return on equity of 75.57% and a negative net margin of 192.95%. The company had revenue of $49.07 million during the quarter, compared to the consensus estimate of $33.90 million.

Canaan Stock Up 1.4 %

Shares of CAN opened at $1.09 on Wednesday. The firm has a market cap of $254.52 million, a P/E ratio of -0.53 and a beta of 3.11. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.64 and a current ratio of 2.90. Canaan has a 52 week low of $0.75 and a 52 week high of $3.50. The firm’s 50-day simple moving average is $1.14 and its 200 day simple moving average is $1.59.

Institutional Trading of Canaan

Several institutional 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 third 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 in the last quarter. QRG Capital Management Inc. bought a new stake in Canaan in the 3rd quarter valued at about $33,000. Tower Research Capital LLC TRC bought a new stake in Canaan in the 4th quarter valued at about $44,000. China Universal Asset Management Co. Ltd. acquired a new position in shares of Canaan during the 4th quarter worth approximately $49,000. Finally, Chesapeake Capital Corp IL bought a new position in shares of Canaan during the fourth quarter worth approximately $81,000. 70.14% of the stock is currently owned by institutional investors.

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.