Canaan (NASDAQ:CAN) Announces Earnings Results

Canaan (NASDAQ:CAN – Get Free Report) announced its quarterly earnings results on Tuesday. The company reported ($0.13) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.07) by ($0.06), FiscalAI reports. The business had revenue of $62.69 million for the quarter, compared to analyst estimates of $9.52 million. Canaan had a negative net margin of 39.69% and a negative return on equity of 60.70%.

Canaan Trading Down 3.5%

NASDAQ CAN opened at $0.48 on Tuesday. The company has a current ratio of 3.31, a quick ratio of 1.93 and a debt-to-equity ratio of 0.06. The company’s fifty day simple moving average is $0.48 and its 200-day simple moving average is $0.69. The stock has a market cap of $345.71 million, a P/E ratio of -1.01 and a beta of 2.65. Canaan has a 52 week low of $0.39 and a 52 week high of $2.22.

Get Canaan alerts:

Institutional Trading of Canaan

An institutional investor recently raised its position in Canaan stock. Goldman Sachs Group Inc. boosted its stake in Canaan Inc. Sponsored ADR (NASDAQ:CAN – Free Report) by 52.0% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 587,451 shares of the company’s stock after acquiring an additional 200,869 shares during the period. Goldman Sachs Group Inc. owned 0.21% of Canaan worth $516,000 at the end of the most recent reporting period. Institutional investors and hedge funds own 70.14% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have weighed in on CAN. Wall Street Zen raised shares of Canaan to a “sell” rating in a research report on Saturday, April 18th. HC Wainwright reissued a “buy” rating and set a $1.50 target price on shares of Canaan in a research report on Wednesday, February 11th. BTIG Research reissued a “buy” rating and set a $3.00 target price on shares of Canaan in a research report on Wednesday, February 11th. Rosenblatt Securities reissued a “buy” rating and set a $2.25 target price on shares of Canaan in a research report on Monday, March 16th. Finally, Benchmark reduced their target price on shares of Canaan from $4.00 to $2.00 and set a “buy” rating on the stock in a research report on Wednesday, February 11th. Six research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $2.17.

Get Our Latest Stock Report on CAN

Canaan Company Profile

(Get Free Report)

Canaan Inc is a China-based technology company specializing in the design and manufacture of high-performance computing hardware for the digital currency and blockchain industry. The company’s core business revolves around application-specific integrated circuit (ASIC) miners, which are purpose-built machines optimized for cryptocurrency mining. By focusing on energy efficiency and processing power, Canaan’s mining rigs aim to deliver competitive hash rates while managing power consumption in large-scale operations.

The flagship product line, known as AvalonMiner, encompasses a range of models tailored to different scales of mining activity, from small-scale hobbyist setups to industrial farms.

See Also

• Five stocks we like better than Canaan
• Dillard’s Posted a Huge Earnings Beat—So Why Did the Rally Fade?
• Why Trump’s Amazon Stock Sale May Not Matter at All
• Why Applied Optoelectronics Stock May Be Near a Turning Point
• From High-Yield to High-Growth: 3 Stocks Boosting Dividends

Receive News & Ratings for Canaan Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Canaan and related companies with MarketBeat.com's FREE daily email newsletter.