What is HC Wainwright’s Estimate for Canaan FY2024 Earnings?

Canaan Inc. (NASDAQ:CAN) – Analysts at HC Wainwright cut their FY2024 EPS estimates for shares of Canaan in a research report issued on Thursday, November 21st. HC Wainwright analyst K. Dede now expects that the company will post earnings of ($0.75) per share for the year, down from their prior forecast of ($0.60). HC Wainwright currently has a “Buy” rating and a $3.00 target price 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 analysts have also recently issued reports about the stock. Nomura Securities raised shares of Canaan to a “hold” rating in a research note on Monday, August 19th. Rosenblatt Securities started coverage on shares of Canaan in a research note on Wednesday, September 11th. They issued a “buy” rating and a $3.00 price objective on the stock. Finally, B. Riley started coverage on shares of Canaan in a research note on Wednesday, September 18th. They issued a “buy” rating and a $2.00 price objective on the stock. 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, Canaan has an average rating of “Moderate Buy” and an average price target of $3.38.

Canaan Stock Performance

Shares of CAN opened at $1.80 on Monday. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.45 and a current ratio of 2.03. The stock has a market capitalization of $544.25 million, a P/E ratio of -1.33 and a beta of 3.06. The company’s fifty day moving average is $1.21 and its two-hundred day moving average is $1.08. Canaan has a 1 year low of $0.72 and a 1 year high of $3.50.

Institutional Investors Weigh In On Canaan

Several institutional investors have recently made changes to their positions in CAN. OVERSEA CHINESE BANKING Corp Ltd purchased a new stake in shares of Canaan in the 3rd quarter worth about $556,000. Quadrature Capital Ltd boosted its position in shares of Canaan by 323.3% in the 1st quarter. Quadrature Capital Ltd now owns 280,686 shares of the company’s stock worth $422,000 after buying an additional 214,384 shares in the last quarter. Van ECK Associates Corp boosted its position in shares of Canaan by 55.4% in the 2nd quarter. Van ECK Associates Corp now owns 9,762,972 shares of the company’s stock worth $9,761,000 after buying an additional 3,482,283 shares in the last quarter. SRN Advisors LLC boosted its position in shares of Canaan by 4.9% in the 1st quarter. SRN Advisors LLC now owns 739,303 shares of the company’s stock worth $1,124,000 after buying an additional 34,382 shares in the last quarter. Finally, Commonwealth Equity Services LLC lifted its holdings in Canaan by 20.4% in the 2nd quarter. Commonwealth Equity Services LLC now owns 215,372 shares of the company’s stock valued at $215,000 after purchasing an additional 36,422 shares in the last quarter. 70.14% of the stock is currently owned by hedge funds and other institutional investors.

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.