Canaan (CAN) to Release Quarterly Earnings on Monday

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

Canaan (NASDAQ:CAN - Get Free Report) last posted its quarterly earnings results on Thursday, August 15th. The company reported ($0.15) EPS for the quarter, beating the consensus estimate of ($0.30) by $0.15. Canaan had a negative net margin of 158.65% and a negative return on equity of 59.66%. The firm had revenue of $71.86 million for the quarter, compared to analyst estimates of $51.90 million. 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 9.2 %

CAN traded up $0.09 during trading on Monday, hitting $1.06. 6,539,984 shares of the company's stock were exchanged, compared to its average volume of 10,630,131. The stock has a 50 day moving average price of $0.99 and a 200 day moving average price of $1.00. The company has a current ratio of 2.88, a quick ratio of 1.75 and a debt-to-equity ratio of 0.06. Canaan has a 1 year low of $0.72 and a 1 year high of $3.50. The firm has a market cap of $297.04 million, a P/E ratio of -0.52 and a beta of 3.08.

Analyst Upgrades and Downgrades

A number of research analysts have commented on CAN shares. B. Riley assumed coverage on Canaan in a research note on Wednesday, September 18th. They set a "buy" rating and a $2.00 price objective on the stock. Nomura Securities upgraded Canaan to a "hold" rating in a report on Monday, August 19th. Rosenblatt Securities started coverage on shares of Canaan in a research note on Wednesday, September 11th. They set a "buy" rating and a $3.00 price objective on the stock. Finally, HC Wainwright restated a "buy" rating and issued a $3.00 target price on shares of Canaan in a research note on Friday, August 16th. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $3.38.

About Canaan

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.