B. Riley Comments on Canaan Inc.’s Q3 2024 Earnings (NASDAQ:CAN)

Canaan Inc. (NASDAQ:CAN) – Equities researchers at B. Riley issued their Q3 2024 earnings estimates for shares of Canaan in a report issued on Tuesday, September 17th. B. Riley analyst N. Giles forecasts that the company will earn ($0.15) per share for the quarter. B. Riley has a “Buy” rating and a $2.00 price objective on the stock. The consensus estimate for Canaan’s current full-year earnings is ($0.60) per share. B. Riley also issued estimates for Canaan’s Q4 2024 earnings at ($0.08) EPS, Q1 2025 earnings at ($0.02) EPS, Q2 2025 earnings at $0.03 EPS, Q3 2025 earnings at $0.04 EPS, Q4 2025 earnings at $0.04 EPS and FY2025 earnings at $0.08 EPS.

CAN has been the topic of several other research reports. Nomura Securities raised shares of Canaan to a “hold” rating in a report on Monday, August 19th. Rosenblatt Securities started coverage on shares of Canaan in a report on Wednesday, September 11th. They issued a “buy” rating and a $3.00 price objective on the stock. Finally, HC Wainwright reiterated a “buy” rating and set a $3.00 target price on shares of Canaan in a research note on Friday, August 16th. One analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $3.38.

Canaan Price Performance

CAN stock opened at $1.01 on Friday. The business’s 50-day moving average is $0.99 and its two-hundred day moving average is $1.08. The company has a debt-to-equity ratio of 0.06, a current ratio of 2.88 and a quick ratio of 1.75. The firm has a market capitalization of $283.02 million, a P/E ratio of -0.49 and a beta of 3.08. Canaan has a 1 year low of $0.72 and a 1 year high of $3.50.

Canaan (NASDAQ:CAN) last announced its quarterly earnings data on Thursday, August 15th. The company reported ($0.15) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.30) by $0.15. Canaan had a negative return on equity of 59.66% and a negative net margin of 158.65%. The business had revenue of $71.86 million for the quarter, compared to analysts’ expectations of $51.90 million.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Van ECK Associates Corp grew its stake in Canaan by 38.0% during the 1st quarter. Van ECK Associates Corp now owns 6,280,689 shares of the company’s stock worth $9,546,000 after buying an additional 1,730,528 shares during the last quarter. Nomura Holdings Inc. increased its holdings in shares of Canaan by 1,463.2% in the 4th quarter. Nomura Holdings Inc. now owns 1,271,925 shares of the company’s stock valued at $2,938,000 after acquiring an additional 1,190,557 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in Canaan in the 4th quarter valued at $159,000. Quadrature Capital Ltd boosted its stake in Canaan by 323.3% during the 1st quarter. Quadrature Capital Ltd now owns 280,686 shares of the company’s stock worth $422,000 after purchasing an additional 214,384 shares during the period. Finally, SG Americas Securities LLC boosted its stake in Canaan by 33.6% during the 1st quarter. SG Americas Securities LLC now owns 5,385,073 shares of the company’s stock worth $8,185,000 after purchasing an additional 1,354,333 shares during the period. 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.