Canaan (CAN) to Release Earnings on Monday

Canaan (NASDAQ:CAN) will announce its earnings results before the market opens on Monday, November 4th. Analysts expect the company to announce earnings of ($0.15) per share for the quarter. Canaan has set its Q3 2024 guidance at EPS.

Canaan (NASDAQ:CAN) last released its quarterly earnings data on Thursday, August 15th. The company reported ($0.15) EPS for the quarter, beating analysts’ consensus estimates of ($0.30) by $0.15. The company had revenue of $71.86 million during the quarter, compared to the consensus estimate of $51.90 million. Canaan had a negative net margin of 158.65% and a negative return on equity of 59.66%. On average, analysts expect Canaan to post $-1 EPS for the current fiscal year and $0 EPS for the next fiscal year.

Canaan Trading Up 7.8 %

Shares of Canaan stock opened at $1.25 on Friday. The company has a debt-to-equity ratio of 0.06, a current ratio of 2.88 and a quick ratio of 1.75. The stock’s 50 day simple moving average is $1.01 and its 200-day simple moving average is $1.01. The stock has a market cap of $377.95 million, a P/E ratio of -0.81 and a beta of 3.08. Canaan has a 1-year low of $0.72 and a 1-year high of $3.50.

Analysts Set New Price Targets

Several research firms have recently commented on CAN. Rosenblatt Securities assumed coverage on Canaan in a report on Wednesday, September 11th. They set a “buy” rating and a $3.00 price target on the stock. B. Riley began coverage on Canaan in a report on Wednesday, September 18th. They set a “buy” rating and a $2.00 price target for the company. HC Wainwright restated a “buy” rating and issued a $3.00 price objective on shares of Canaan in a report on Friday, August 16th. Finally, Nomura Securities raised shares of Canaan to a “hold” rating in a research note on Monday, August 19th. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, Canaan presently has a consensus rating of “Moderate Buy” and an average target price of $3.38.

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.