Canaan (CAN) to Release Quarterly Earnings on Tuesday

Canaan (NASDAQ:CAN) is scheduled to be announcing its earnings results before the market opens on Tuesday, November 28th. Analysts expect the company to announce earnings of ($0.30) per share for the quarter. Canaan has set its Q3 2023 guidance at EPS.

Canaan (NASDAQ:CAN) last announced its quarterly earnings results on Tuesday, August 29th. The company reported ($0.65) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.15) by ($0.50). Canaan had a negative net margin of 77.30% and a negative return on equity of 43.95%. The business had revenue of $73.85 million for the quarter, compared to the consensus estimate of $66.60 million. On average, analysts expect Canaan to post $-2 EPS for the current fiscal year and $-1 EPS for the next fiscal year.

Canaan Price Performance

Shares of Canaan stock traded down $0.07 during trading on Tuesday, hitting $1.63. 398,848 shares of the company’s stock traded hands, compared to its average volume of 2,431,806. Canaan has a 1 year low of $1.52 and a 1 year high of $3.98. The business has a 50-day simple moving average of $1.81 and a 200-day simple moving average of $2.18. The stock has a market capitalization of $276.31 million, a P/E ratio of -1.10 and a beta of 3.25.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. Bank of America Corp DE boosted its holdings in shares of Canaan by 185.8% in the 1st quarter. Bank of America Corp DE now owns 6,334 shares of the company’s stock worth $35,000 after purchasing an additional 4,118 shares during the period. Raymond James Financial Services Advisors Inc. purchased a new position in Canaan during the first quarter worth $55,000. JPMorgan Chase & Co. purchased a new position in Canaan during the second quarter worth $39,000. Engineers Gate Manager LP bought a new position in Canaan during the fourth quarter valued at $31,000. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS purchased a new stake in shares of Canaan in the first quarter valued at $88,000. 17.37% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Separately, HC Wainwright reissued a “buy” rating and issued a $4.00 price objective on shares of Canaan in a report on Wednesday, August 30th.

Canaan Company Profile

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.