HC Wainwright Has Pessimistic View of Canaan FY2024 Earnings

Canaan Inc. (NASDAQ:CAN) – Stock analysts at HC Wainwright reduced their FY2024 earnings estimates for shares of Canaan in a research note issued on Thursday, November 21st. HC Wainwright analyst K. Dede now expects that the company will earn ($0.75) per share for the year, down from their prior estimate of ($0.60). HC Wainwright has a “Buy” rating and a $3.00 price objective on the stock. The consensus estimate for Canaan’s current full-year earnings is ($0.59) per share. HC Wainwright also issued estimates for Canaan’s FY2025 earnings at ($0.45) EPS.

Other research analysts have also recently issued research reports about the company. B. Riley started coverage on Canaan in a research note on Wednesday, September 18th. They issued a “buy” rating and a $2.00 price target on the stock. Rosenblatt Securities started coverage on Canaan in a report on Wednesday, September 11th. They set a “buy” rating and a $3.00 price target on the stock. Finally, Nomura Securities upgraded Canaan to a “hold” rating in a research report on Monday, August 19th. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $3.38.

Canaan Trading Up 8.2 %

Shares of CAN stock opened at $1.97 on Monday. Canaan has a fifty-two week low of $0.72 and a fifty-two week high of $3.50. The stock has a market cap of $595.64 million, a price-to-earnings ratio of -1.46 and a beta of 3.06. The company has a quick ratio of 1.75, a current ratio of 2.03 and a debt-to-equity ratio of 0.08. The firm’s 50 day moving average price is $1.19 and its two-hundred day moving average price is $1.08.

Hedge Funds Weigh In On Canaan

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Personalized Indexing Management LLC bought a new stake in Canaan during the 2nd quarter worth approximately $34,000. XTX Topco Ltd bought a new position in Canaan during the second quarter worth about $79,000. Virtu Financial LLC increased its holdings in shares of Canaan by 35.2% during the 3rd quarter. Virtu Financial LLC now owns 103,394 shares of the company’s stock worth $104,000 after acquiring an additional 26,920 shares during the last quarter. Farther Finance Advisors LLC increased its holdings in shares of Canaan by 38.6% in the third quarter. Farther Finance Advisors LLC now owns 109,409 shares of the company’s stock valued at $111,000 after purchasing an additional 30,447 shares during the last quarter. Finally, Impact Partnership Wealth LLC grew its position in shares of Canaan by 271.1% in the second quarter. Impact Partnership Wealth LLC now owns 125,990 shares of the company’s stock valued at $126,000 after purchasing an additional 92,038 shares during 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.