HC Wainwright Has Pessimistic View of Canaan FY2024 Earnings

Canaan Inc. (NASDAQ:CAN) – Research analysts at HC Wainwright cut their FY2024 EPS estimates for Canaan in a note issued to investors on Thursday, November 21st. HC Wainwright analyst K. Dede now anticipates that the company will earn ($0.75) per share for the year, down from their prior forecast of ($0.60). HC Wainwright has a “Buy” rating and a $3.00 price target on the stock. The consensus estimate for Canaan’s current full-year earnings is ($0.66) per share. HC Wainwright also issued estimates for Canaan’s FY2025 earnings at ($0.45) EPS.

Other equities research analysts have also issued reports about the company. B. Riley assumed coverage on Canaan in a research report on Wednesday, September 18th. They set a “buy” rating and a $2.00 price target on the stock. Nomura Securities raised shares of Canaan to a “hold” rating in a research report on Monday, August 19th. Finally, Rosenblatt Securities assumed coverage on shares of Canaan in a research report on Wednesday, September 11th. They set a “buy” rating and a $3.00 price target for the company. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $3.38.

Canaan Stock Up 5.6 %

CAN stock opened at $2.08 on Monday. Canaan has a fifty-two week low of $0.72 and a fifty-two week high of $3.50. The company has a market capitalization of $628.91 million, a price-to-earnings ratio of -1.54 and a beta of 3.06. The business’s 50 day moving average price is $1.21 and its two-hundred day moving average price is $1.08. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.45 and a current ratio of 2.03.

Hedge Funds Weigh In On Canaan

Several large investors have recently modified their holdings of CAN. Vanguard Personalized Indexing Management LLC purchased a new position in Canaan in the 2nd quarter worth approximately $34,000. XTX Topco Ltd purchased a new position in shares of Canaan in the second quarter worth $79,000. Virtu Financial LLC raised its stake in shares of Canaan by 35.2% in the third quarter. Virtu Financial LLC now owns 103,394 shares of the company’s stock worth $104,000 after purchasing an additional 26,920 shares during the last quarter. Farther Finance Advisors LLC lifted its holdings in shares of Canaan by 38.6% during the third quarter. Farther Finance Advisors LLC now owns 109,409 shares of the company’s stock valued at $111,000 after purchasing an additional 30,447 shares in the last quarter. Finally, Impact Partnership Wealth LLC boosted its position in shares of Canaan by 271.1% during the second quarter. Impact Partnership Wealth LLC now owns 125,990 shares of the company’s stock valued at $126,000 after buying an additional 92,038 shares during the last quarter. Hedge funds and other institutional investors 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.