Canaan (NASDAQ:CAN) Issues Quarterly Earnings Results

Canaan (NASDAQ:CAN) issued its earnings results on Wednesday. The company reported ($2.17) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.88) by ($1.29), RTT News reports. The company had revenue of $88.77 million for the quarter, compared to the consensus estimate of $88.50 million. Canaan had a negative return on equity of 60.37% and a negative net margin of 128.85%. During the same quarter last year, the business posted ($2.16) EPS. Canaan updated its Q1 2025 guidance to EPS and its FY 2025 guidance to EPS.

Canaan Stock Up 2.4 %

Shares of CAN traded up $0.02 during mid-day trading on Thursday, hitting $0.96. 6,403,280 shares of the company’s stock were exchanged, compared to its average volume of 11,269,414. The company has a 50-day simple moving average of $1.56 and a 200 day simple moving average of $1.60. The company has a debt-to-equity ratio of 0.08, a current ratio of 2.03 and a quick ratio of 1.45. The company has a market cap of $271.16 million, a PE ratio of -0.71 and a beta of 3.39. Canaan has a 52 week low of $0.72 and a 52 week high of $3.27.

Analyst Upgrades and Downgrades

CAN has been the topic of several analyst reports. Compass Point initiated coverage on shares of Canaan in a report on Tuesday, March 18th. They issued a “buy” rating and a $2.50 target price on the stock. Rosenblatt Securities reissued a “buy” rating and issued a $8.00 target price on shares of Canaan in a research note on Thursday. Finally, HC Wainwright reissued a “buy” rating and set a $3.00 price objective on shares of Canaan in a research report on Thursday. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $3.88.

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.