Canaan (CAN) Set to Announce Earnings on Monday

Canaan (NASDAQ:CAN) is scheduled to be posting its quarterly earnings results before the market opens on Monday, November 4th. Analysts expect Canaan to post earnings of ($0.15) per share for the quarter. Canaan has set its Q3 2024 guidance at EPS.

Canaan (NASDAQ:CAN) last issued its quarterly earnings results on Thursday, August 15th. The company reported ($0.15) EPS for the quarter, topping 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 firm had revenue of $71.86 million during the quarter, compared to analysts’ expectations of $51.90 million. On average, analysts expect Canaan to post $-1 EPS for the current fiscal year and $0 EPS for the next fiscal year.

Canaan Stock Down 4.8 %

NASDAQ CAN opened at $0.97 on Monday. Canaan has a one year low of $0.72 and a one year high of $3.50. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.75 and a current ratio of 2.88. The business has a fifty day moving average price of $0.99 and a 200 day moving average price of $1.00. The company has a market cap of $272.12 million, a P/E ratio of -0.47 and a beta of 3.08.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. B. Riley started coverage on shares of Canaan in a research note on Wednesday, September 18th. They issued a “buy” rating and a $2.00 price target on the stock. HC Wainwright reissued a “buy” rating and issued a $3.00 target price on shares of Canaan in a research note on Friday, August 16th. Nomura Securities upgraded Canaan to a “hold” rating in a research report on Monday, August 19th. Finally, Rosenblatt Securities assumed coverage on Canaan in a research report on Wednesday, September 11th. They set a “buy” rating and a $3.00 price objective on the stock. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, Canaan has an average rating of “Moderate Buy” and an average target price of $3.38.

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.