Canaan (CAN) Scheduled to Post Quarterly Earnings on Monday

Canaan (NASDAQ:CAN) will be releasing its earnings data before the market opens on Monday, November 4th. Analysts expect Canaan to post earnings of ($0.15) per share for the quarter. Canaan has set its Q3 2024 guidance at EPS.

Canaan (NASDAQ:CAN) last posted its quarterly earnings data on Thursday, August 15th. The company reported ($0.15) earnings per share for the quarter, topping the consensus estimate of ($0.30) by $0.15. Canaan had a negative net margin of 158.65% and a negative return on equity of 59.66%. The firm had revenue of $71.86 million during the quarter, compared to analysts’ expectations of $51.90 million. On average, analysts expect Canaan to post $-1 EPS for the current fiscal year and $0 EPS for the next fiscal year.

Canaan Stock Performance

CAN stock opened at $1.25 on Friday. The company has a 50 day moving average price of $1.01 and a 200 day moving average price of $1.01. The company has a debt-to-equity ratio of 0.06, a current ratio of 2.88 and a quick ratio of 1.75. Canaan has a fifty-two week low of $0.72 and a fifty-two week high of $3.50. The stock has a market capitalization of $377.95 million, a PE ratio of -0.81 and a beta of 3.08.

Wall Street Analysts Forecast Growth

A number of research firms have commented on CAN. Rosenblatt Securities began coverage on shares of Canaan in a report on Wednesday, September 11th. They set a “buy” rating and a $3.00 target price for the company. HC Wainwright reaffirmed a “buy” rating and issued a $3.00 target price on shares of Canaan in a research note on Friday, August 16th. B. Riley began coverage on shares of Canaan in a research note on Wednesday, September 18th. They issued a “buy” rating and a $2.00 target price for the company. Finally, Nomura Securities raised shares of Canaan to a “hold” rating in a research report on Monday, August 19th. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $3.38.

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.