Canaan (NASDAQ:CAN) Earns “Buy” Rating from HC Wainwright

HC Wainwright restated their buy rating on shares of Canaan (NASDAQ:CAN) in a report issued on Monday morning, Benzinga reports. HC Wainwright currently has a $3.00 target price on the stock. HC Wainwright also issued estimates for Canaan’s Q3 2024 earnings at ($0.30) EPS and FY2024 earnings at ($0.90) EPS.

Canaan Stock Performance

CAN stock opened at $1.09 on Monday. The company has a market cap of $254.52 million, a P/E ratio of -0.53 and a beta of 3.11. Canaan has a 1 year low of $0.75 and a 1 year high of $3.50. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.90 and a quick ratio of 1.64. The stock’s fifty day moving average price is $1.14 and its 200-day moving average price is $1.59.

Canaan (NASDAQ:CAN) last released its quarterly earnings results on Tuesday, February 27th. The company reported ($0.35) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.35). The firm had revenue of $49.07 million for the quarter, compared to the consensus estimate of $33.90 million. Canaan had a negative return on equity of 75.57% and a negative net margin of 192.95%. On average, equities analysts forecast that Canaan will post -1.35 earnings per share for the current year.

Hedge Funds Weigh In On Canaan

Several institutional investors and hedge funds have recently bought and sold shares of CAN. SG Americas Securities LLC purchased a new position in Canaan during the fourth quarter valued at $9,311,000. Van ECK Associates Corp lifted its position in Canaan by 91.6% during the fourth quarter. Van ECK Associates Corp now owns 4,550,161 shares of the company’s stock valued at $10,511,000 after purchasing an additional 2,175,807 shares in the last quarter. Nomura Holdings Inc. lifted its position in Canaan by 1,463.2% during the fourth quarter. Nomura Holdings Inc. now owns 1,271,925 shares of the company’s stock valued at $2,938,000 after purchasing an additional 1,190,557 shares in the last quarter. Invesco Ltd. lifted its position in Canaan by 27.7% during the third quarter. Invesco Ltd. now owns 3,702,627 shares of the company’s stock valued at $6,739,000 after purchasing an additional 803,940 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. lifted its position in Canaan by 72.2% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,782,634 shares of the company’s stock valued at $4,118,000 after purchasing an additional 747,152 shares in the last quarter. 70.14% of the stock is currently owned by hedge funds and other institutional investors.

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.