Canaan (NASDAQ:CAN) Posts Earnings Results

Canaan (NASDAQ:CAN) released its earnings results on Wednesday. The company reported ($2.17) EPS for the quarter, missing the consensus estimate of ($0.88) by ($1.29), RTT News reports. The business had revenue of $88.77 million for the quarter, compared to analysts’ expectations of $88.50 million. Canaan had a negative net margin of 128.85% and a negative return on equity of 60.37%. During the same quarter last year, the company posted ($2.16) earnings per share. Canaan updated its Q1 2025 guidance to EPS and its FY 2025 guidance to EPS.

Canaan Stock Performance

Shares of NASDAQ:CAN traded up $0.03 during trading hours on Thursday, hitting $0.97. The stock had a trading volume of 8,795,739 shares, compared to its average volume of 11,276,008. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.45 and a current ratio of 2.03. The stock’s fifty day simple moving average is $1.56 and its 200 day simple moving average is $1.60. The firm has a market capitalization of $273.42 million, a price-to-earnings ratio of -0.72 and a beta of 3.39. Canaan has a 1-year low of $0.72 and a 1-year high of $3.27.

Analysts Set New Price Targets

CAN has been the topic of a number of research reports. Compass Point initiated coverage on shares of Canaan in a report on Tuesday, March 18th. They set a “buy” rating and a $2.50 target price on the stock. Rosenblatt Securities reiterated a “buy” rating and set a $8.00 price objective on shares of Canaan in a research note on Thursday. Finally, HC Wainwright restated a “buy” rating and issued a $3.00 target price on shares of Canaan in a research note on Thursday. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $3.88.

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.