Canaan (NASDAQ:CAN) Announces Earnings Results

Canaan (NASDAQ:CAN) released its earnings results on Wednesday. The company reported ($2.17) earnings per share 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 period last year, the firm earned ($2.16) EPS. Canaan updated its Q1 2025 guidance to EPS and its FY 2025 guidance to EPS.

Canaan Trading Down 2.5 %

Shares of NASDAQ:CAN opened at $0.92 on Friday. Canaan has a 1 year low of $0.72 and a 1 year high of $3.27. The firm has a fifty day moving average price of $1.54 and a 200 day moving average price of $1.59. The company has a current ratio of 2.03, a quick ratio of 1.45 and a debt-to-equity ratio of 0.08. The stock has a market capitalization of $258.15 million, a PE ratio of -0.68 and a beta of 3.39.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the stock. Rosenblatt Securities reiterated a “buy” rating and issued a $8.00 price objective on shares of Canaan in a research note on Thursday. HC Wainwright reaffirmed a “buy” rating and issued a $3.00 price target on shares of Canaan in a research note on Thursday. Finally, Compass Point started coverage on Canaan in a research report on Tuesday, March 18th. They set a “buy” rating and a $2.50 price objective for the company. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Canaan presently has a consensus rating of “Moderate Buy” and a consensus price target of $3.88.

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.