FY2025 Earnings Forecast for Canaan Issued By HC Wainwright

Canaan Inc. (NASDAQ:CAN - Free Report) - Investment analysts at HC Wainwright issued their FY2025 earnings per share estimates for shares of Canaan in a research note issued to investors on Wednesday, May 21st. HC Wainwright analyst K. Dede anticipates that the company will post earnings of ($0.15) per share for the year. 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.

Canaan (NASDAQ:CAN - Get Free Report) last posted its quarterly earnings data on Wednesday, March 26th. The company reported ($2.17) earnings per share for the quarter, missing analysts' consensus estimates of ($0.88) by ($1.29). The company had revenue of $88.77 million for the quarter, compared to analysts' expectations of $88.50 million. Canaan had a negative return on equity of 60.37% and a negative net margin of 128.85%. During the same period in the previous year, the business posted ($2.16) EPS.

Several other equities analysts have also recently issued reports on CAN. Compass Point initiated coverage on shares of Canaan in a research note on Tuesday, March 18th. They issued a "buy" rating and a $2.50 price objective on the stock. Rosenblatt Securities lowered their target price on Canaan from $8.00 to $5.00 and set a "buy" rating on the stock in a report on Wednesday, May 21st. Finally, Benchmark lowered their target price on shares of Canaan from $3.00 to $2.00 and set a "buy" rating for the company in a research note on Wednesday, May 21st. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $2.90.

Canaan Stock Performance

NASDAQ:CAN traded down $0.02 during mid-day trading on Friday, reaching $0.67. 33,318,587 shares of the stock were exchanged, compared to its average volume of 13,701,203. The stock has a market capitalization of $188.38 million, a P/E ratio of -0.50 and a beta of 3.26. Canaan has a 1 year low of $0.53 and a 1 year high of $3.27. The company has a 50 day simple moving average of $0.77 and a 200-day simple moving average of $1.50. The company has a quick ratio of 1.45, a current ratio of 2.03 and a debt-to-equity ratio of 0.08.

Canaan announced that its Board of Directors has approved a stock repurchase plan on Tuesday, May 27th that allows the company to buyback $0.00 in shares. This buyback authorization allows the company to reacquire shares of its stock through open market purchases. Stock buyback plans are generally a sign that the company's board believes its stock is undervalued.

Institutional Investors Weigh In On Canaan

Hedge funds have recently modified their holdings of the stock. EntryPoint Capital LLC acquired a new stake in shares of Canaan during the 4th quarter valued at about $32,000. Raymond James Financial Inc. acquired a new position in Canaan during the fourth quarter worth $33,000. Wellington Management Group LLP bought a new stake in Canaan during the 4th quarter worth approximately $48,000. Chesapeake Capital Corp IL bought a new stake in Canaan during the 4th quarter worth about $79,000. Finally, SBI Securities Co. Ltd. bought a new position in shares of Canaan in the fourth quarter worth about $83,000. 70.14% of the stock is 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.