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

Canaan Inc. (NASDAQ:CAN) – Equities researchers at B. Riley issued their Q3 2024 earnings per share estimates for Canaan in a report issued on Tuesday, September 17th. B. Riley analyst N. Giles anticipates that the company will post earnings of ($0.15) per share for the quarter. B. Riley currently has a “Buy” rating and a $2.00 target price 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.

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

Other analysts have also recently issued reports about the company. HC Wainwright reissued a “buy” rating and issued a $3.00 price target on shares of Canaan in a report on Friday, August 16th. Rosenblatt Securities initiated coverage on shares of Canaan in a research report on Wednesday, September 11th. They set a “buy” rating and a $3.00 target price on the stock. Finally, Nomura Securities upgraded shares of Canaan to a “hold” rating in a report on Monday, August 19th. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $3.38.

Canaan Price Performance

Shares of NASDAQ:CAN opened at $1.01 on Friday. Canaan has a 52 week low of $0.72 and a 52 week high of $3.50. The company has a 50-day moving average price of $0.99 and a 200 day moving average price of $1.08. The company has a market cap of $283.02 million, a P/E ratio of -0.49 and a beta of 3.08. The company has a quick ratio of 1.75, a current ratio of 2.88 and a debt-to-equity ratio of 0.06.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. XTX Topco Ltd acquired a new stake in shares of Canaan in the second quarter valued at approximately $79,000. Vanguard Personalized Indexing Management LLC purchased a new position in Canaan during the second quarter worth $34,000. Impact Partnership Wealth LLC raised its holdings in shares of Canaan by 271.1% in the second quarter. Impact Partnership Wealth LLC now owns 125,990 shares of the company’s stock worth $126,000 after acquiring an additional 92,038 shares during the last quarter. Van ECK Associates Corp lifted its position in shares of Canaan by 55.4% in the second quarter. Van ECK Associates Corp now owns 9,762,972 shares of the company’s stock valued at $9,761,000 after acquiring an additional 3,482,283 shares in the last quarter. Finally, Commonwealth Equity Services LLC raised its stake in Canaan by 20.4% in the 2nd quarter. Commonwealth Equity Services LLC now owns 215,372 shares of the company’s stock valued at $215,000 after purchasing an additional 36,422 shares during the last quarter. Institutional investors and hedge funds own 70.14% of the company’s stock.

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.