Canaan (NASDAQ:CAN) Releases Earnings Results, Misses Estimates By $1.29 EPS

Canaan (NASDAQ:CAN) announced its quarterly earnings results on Wednesday. The company reported ($2.17) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.88) by ($1.29), RTT News reports. Canaan had a negative return on equity of 60.37% and a negative net margin of 128.85%. The company had revenue of $88.77 million during the quarter, compared to analyst estimates of $88.50 million. During the same period in the prior year, the firm earned ($2.16) EPS. Canaan updated its Q1 2025 guidance to EPS and its FY 2025 guidance to EPS.

Canaan Stock Up 3.3 %

Shares of NASDAQ:CAN traded up $0.03 during midday trading on Thursday, hitting $0.97. The stock had a trading volume of 8,795,739 shares, compared to its average volume of 11,276,008. The company has a market cap of $273.42 million, a P/E ratio of -0.72 and a beta of 3.39. The business’s 50-day simple moving average is $1.56 and its 200-day simple moving average is $1.60. Canaan has a 12 month low of $0.72 and a 12 month high of $3.27. The company has a quick ratio of 1.45, a current ratio of 2.03 and a debt-to-equity ratio of 0.08.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the stock. Compass Point initiated coverage on shares of Canaan in a research report on Tuesday, March 18th. They set a “buy” rating and a $2.50 target price on the stock. Rosenblatt Securities reaffirmed a “buy” rating and set a $8.00 price objective on shares of Canaan in a research note on Thursday. Finally, HC Wainwright reiterated a “buy” rating and set a $3.00 price target on shares of Canaan in a research report on Thursday. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, Canaan currently 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.