FY2025 Earnings Forecast for Canaan Issued By HC Wainwright

Canaan Inc. (NASDAQ:CAN - Free Report) - HC Wainwright raised their FY2025 earnings per share estimates for Canaan in a report released on Wednesday, January 22nd. HC Wainwright analyst K. Dede now expects that the company will post earnings of ($0.15) per share for the year, up from their prior estimate of ($0.45). 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 ($0.74) per share.

Separately, Rosenblatt Securities lifted their target price on shares of Canaan from $3.00 to $4.00 and gave the stock a "buy" rating in a report on Friday, December 6th.

Canaan Stock Up 2.6 %

Shares of NASDAQ:CAN traded up $0.06 on Friday, hitting $2.18. 11,382,541 shares of the company traded hands, compared to its average volume of 17,768,850. The company has a market cap of $612.44 million, a PE ratio of -1.62 and a beta of 3.27. The stock has a 50 day simple moving average of $2.18 and a 200-day simple moving average of $1.44. Canaan has a 52 week low of $0.72 and a 52 week high of $3.27. The company has a quick ratio of 1.45, a current ratio of 2.03 and a debt-to-equity ratio of 0.08.

Institutional Investors Weigh In On Canaan

A number of hedge funds have recently added to or reduced their stakes in CAN. Baader Bank Aktiengesellschaft grew its holdings in Canaan by 287.0% during the fourth quarter. Baader Bank Aktiengesellschaft now owns 1,305,724 shares of the company's stock valued at $2,677,000 after purchasing an additional 968,347 shares during the period. Exchange Traded Concepts LLC bought a new position in shares of Canaan during the 4th quarter valued at approximately $2,807,000. Old Port Advisors purchased a new stake in Canaan in the 4th quarter worth approximately $100,000. Virtu Financial LLC boosted its position in shares of Canaan by 35.2% in the third quarter. Virtu Financial LLC now owns 103,394 shares of the company's stock worth $104,000 after purchasing an additional 26,920 shares during the period. Finally, XTX Topco Ltd increased its stake in shares of Canaan by 193.3% in the third quarter. XTX Topco Ltd now owns 232,525 shares of the company's stock worth $235,000 after purchasing an additional 153,255 shares in the last quarter. 70.14% of the stock is currently owned by hedge funds and other institutional investors.

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.