Canaan Inc. (NASDAQ:CAN) Forecasted to Earn Q3 2024 Earnings of ($0.15) Per Share

Canaan Inc. (NASDAQ:CAN) – Stock analysts at B. Riley issued their Q3 2024 earnings estimates for shares of Canaan in a research note issued on Tuesday, September 17th. B. Riley analyst N. Giles expects that the company will earn ($0.15) per share for the quarter. B. Riley has a “Buy” rating and a $2.00 price objective on the stock. The consensus estimate for Canaan’s current full-year earnings is ($0.60) per share. B. Riley also issued estimates for Canaan’s Q4 2024 earnings at ($0.08) EPS, Q1 2025 earnings at ($0.02) EPS, Q2 2025 earnings at $0.03 EPS, Q3 2025 earnings at $0.04 EPS, Q4 2025 earnings at $0.04 EPS and FY2025 earnings at $0.08 EPS.

A number of other research firms have also issued reports on CAN. Rosenblatt Securities initiated coverage on shares of Canaan in a report on Wednesday, September 11th. They issued a “buy” rating and a $3.00 target price on the stock. Nomura Securities raised shares of Canaan to a “hold” rating in a research note on Monday, August 19th. Finally, HC Wainwright reissued a “buy” rating and issued a $3.00 target price on shares of Canaan in a research report on Friday, August 16th. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, Canaan presently has an average rating of “Moderate Buy” and a consensus target price of $3.38.

Canaan Price Performance

NASDAQ:CAN opened at $1.01 on Friday. The firm has a market cap of $283.02 million, a price-to-earnings ratio of -0.50 and a beta of 3.08. The company has a current ratio of 2.88, a quick ratio of 1.75 and a debt-to-equity ratio of 0.06. The company’s 50-day moving average is $0.99 and its two-hundred day moving average is $1.08. Canaan has a 12-month low of $0.72 and a 12-month high of $3.50.

Canaan (NASDAQ:CAN) last released its earnings results on Thursday, August 15th. The company reported ($0.15) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.30) by $0.15. The company had revenue of $71.86 million for the quarter, compared to analyst estimates of $51.90 million. Canaan had a negative net margin of 158.65% and a negative return on equity of 59.66%.

Institutional Investors Weigh In On Canaan

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Van ECK Associates Corp lifted its position in Canaan by 55.4% during the second quarter. Van ECK Associates Corp now owns 9,762,972 shares of the company’s stock valued at $9,761,000 after buying an additional 3,482,283 shares in the last quarter. SG Americas Securities LLC lifted its position in Canaan by 33.6% during the first quarter. SG Americas Securities LLC now owns 5,385,073 shares of the company’s stock valued at $8,185,000 after buying an additional 1,354,333 shares in the last quarter. Nomura Holdings Inc. lifted its position in Canaan by 1,463.2% during the fourth quarter. Nomura Holdings Inc. now owns 1,271,925 shares of the company’s stock valued at $2,938,000 after buying an additional 1,190,557 shares in the last quarter. Hel Ved Capital Management Ltd acquired a new position in Canaan during the fourth quarter valued at approximately $1,655,000. Finally, BRIGHT VALLEY CAPITAL Ltd acquired a new position in Canaan during the fourth quarter valued at approximately $982,000. 70.14% of the stock is currently owned by institutional investors and hedge funds.

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.