Canaan’s (CAN) “Buy” Rating Reiterated at HC Wainwright

HC Wainwright restated their buy rating on shares of Canaan (NASDAQ:CAN) in a report released on Friday, Benzinga reports. They currently have a $3.00 price objective on the stock. HC Wainwright also issued estimates for Canaan’s FY2025 earnings at ($0.02) EPS.

Canaan Stock Performance

CAN opened at $0.86 on Friday. Canaan has a 12-month low of $0.72 and a 12-month high of $3.50. The firm has a market capitalization of $240.99 million, a P/E ratio of -0.42 and a beta of 3.09. The stock’s 50 day moving average price is $1.03 and its two-hundred day moving average price is $1.21. The company has a quick ratio of 2.01, a current ratio of 2.90 and a debt-to-equity ratio of 0.01.

Canaan (NASDAQ:CAN) last announced its quarterly earnings data on Friday, May 17th. The company reported ($0.16) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.60) by $0.44. The business had revenue of $35.09 million for the quarter, compared to the consensus estimate of $30.10 million. Canaan had a negative net margin of 192.95% and a negative return on equity of 75.57%. On average, equities analysts forecast that Canaan will post -0.9 earnings per share for the current year.

Institutional Inflows and Outflows

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

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.