Research Analysts Set Expectations for Canaan Inc.’s Q3 2024 Earnings (NASDAQ:CAN)

Canaan Inc. (NASDAQ:CAN) – Equities research analysts at HC Wainwright decreased their Q3 2024 earnings estimates for shares of Canaan in a research note issued on Monday, May 20th. HC Wainwright analyst K. Dede now expects that the company will earn ($0.30) per share for the quarter, down from their prior estimate of ($0.15). 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 ($1.35) per share. HC Wainwright also issued estimates for Canaan’s FY2024 earnings at ($0.90) EPS.

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

Canaan Stock Performance

Shares of CAN opened at $1.08 on Wednesday. The business’s 50-day moving average is $1.15 and its 200-day moving average is $1.59. Canaan has a fifty-two week low of $0.75 and a fifty-two week high of $3.50. The company has a current ratio of 2.90, a quick ratio of 1.64 and a debt-to-equity ratio of 0.01.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of CAN. Van ECK Associates Corp raised its position in shares of Canaan by 38.0% during the first quarter. Van ECK Associates Corp now owns 6,280,689 shares of the company’s stock worth $9,546,000 after purchasing an additional 1,730,528 shares during the period. SG Americas Securities LLC raised its holdings in Canaan by 33.6% in the 1st quarter. SG Americas Securities LLC now owns 5,385,073 shares of the company’s stock valued at $8,185,000 after acquiring an additional 1,354,333 shares in the last quarter. Invesco Ltd. raised its holdings in Canaan by 27.7% in the 3rd quarter. Invesco Ltd. now owns 3,702,627 shares of the company’s stock valued at $6,739,000 after acquiring an additional 803,940 shares in the last quarter. Exchange Traded Concepts LLC raised its holdings in shares of Canaan by 21.5% during the 4th quarter. Exchange Traded Concepts LLC now owns 2,256,869 shares of the company’s stock worth $5,213,000 after buying an additional 399,474 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of Canaan by 72.2% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,782,634 shares of the company’s stock worth $4,118,000 after buying an additional 747,152 shares in the last quarter. 70.14% of the stock is currently owned by institutional investors and hedge funds.

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.