Canaan (NASDAQ:CAN) Issues Quarterly Earnings Results

Canaan (NASDAQ:CAN) released its quarterly earnings results on Wednesday. The company reported ($2.17) EPS for the quarter, missing analysts’ consensus estimates of ($0.88) by ($1.29), RTT News reports. The firm had revenue of $88.77 million during the quarter, compared to the consensus estimate 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 in the prior year, the business earned ($2.16) EPS. Canaan updated its Q1 2025 guidance to EPS and its FY 2025 guidance to EPS.

Canaan Price Performance

NASDAQ:CAN opened at $0.92 on Friday. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.45 and a current ratio of 2.03. The company has a 50-day moving average of $1.54 and a 200-day moving average of $1.59. Canaan has a 52 week low of $0.72 and a 52 week high of $3.27. The company has a market capitalization of $258.15 million, a price-to-earnings ratio of -0.68 and a beta of 3.39.

Analyst Upgrades and Downgrades

CAN has been the topic of several recent analyst reports. HC Wainwright reiterated a “buy” rating and issued a $3.00 target price on shares of Canaan in a report on Thursday. Rosenblatt Securities reiterated a “buy” rating and issued a $8.00 price objective on shares of Canaan in a research note on Thursday. Finally, Compass Point assumed coverage on Canaan in a research note on Tuesday, March 18th. They set a “buy” rating and a $2.50 target price for the company. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average 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.