Canaan (NASDAQ:CAN) Issues Earnings Results

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

Canaan Trading Up 1.6 %

CAN stock traded up $0.01 during mid-day trading on Thursday, hitting $0.96. 5,300,097 shares of the company were exchanged, compared to its average volume of 11,266,056. Canaan has a 12-month low of $0.72 and a 12-month high of $3.27. The firm has a market capitalization of $268.91 million, a P/E ratio of -0.71 and a beta of 3.39. The business has a fifty day simple moving average of $1.56 and a 200-day simple moving average of $1.60. The company has a quick ratio of 1.45, a current ratio of 2.03 and a debt-to-equity ratio of 0.08.

Analyst Ratings Changes

A number of research firms have recently commented on CAN. Compass Point initiated coverage on Canaan in a research report on Tuesday, March 18th. They issued a “buy” rating and a $2.50 price objective for the company. Rosenblatt Securities reissued a “buy” rating and issued a $8.00 price target on shares of Canaan in a report on Thursday. Finally, HC Wainwright reaffirmed a “buy” rating and set a $3.00 price objective on shares of Canaan in a report on Thursday. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target 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.