Canaan (CAN) Projected to Post Earnings on Tuesday

Canaan (NASDAQ:CAN) is expected to be posting its results before the market opens on Tuesday, February 10th. Analysts expect Canaan to post earnings of ($0.06) per share and revenue of $25.3040 million for the quarter.

Canaan (NASDAQ:CAN) last announced its quarterly earnings data on Tuesday, November 18th. The company reported ($0.05) EPS for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.01. The company had revenue of $21.17 million during the quarter, compared to the consensus estimate of $18.26 million. Canaan had a negative return on equity of 71.85% and a negative net margin of 51.66%.During the same quarter in the prior year, the firm earned ($0.01) EPS. On average, analysts expect Canaan to post $-1 EPS for the current fiscal year and $0 EPS for the next fiscal year.

Canaan Trading Down 13.1%

Shares of NASDAQ CAN traded down $0.08 during mid-day trading on Thursday, reaching $0.50. The company had a trading volume of 25,530,107 shares, compared to its average volume of 19,547,174. The company has a 50-day moving average price of $0.80 and a two-hundred day moving average price of $0.93. The stock has a market cap of $186.93 million, a PE ratio of -0.74 and a beta of 2.85. Canaan has a 1-year low of $0.50 and a 1-year high of $2.22.

Canaan announced that its Board of Directors has approved a stock repurchase plan on Wednesday, December 17th that authorizes the company to buyback $0.00 in shares. This buyback authorization authorizes the company to repurchase shares of its stock through open market purchases. Shares buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

Institutional Investors Weigh In On Canaan

A hedge fund recently raised its stake in Canaan stock. Goldman Sachs Group Inc. raised its stake in shares of Canaan Inc. Sponsored ADR (NASDAQ:CAN) by 52.0% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 587,451 shares of the company’s stock after buying an additional 200,869 shares during the period. Goldman Sachs Group Inc. owned about 0.21% of Canaan worth $516,000 as of its most recent SEC filing. 70.14% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have issued reports on the company. B. Riley cut their price objective on Canaan from $3.00 to $2.50 and set a “buy” rating on the stock in a report on Friday, November 21st. Rosenblatt Securities reissued a “buy” rating and issued a $4.00 target price on shares of Canaan in a research report on Thursday, January 15th. BTIG Research restated a “buy” rating on shares of Canaan in a research report on Friday, January 16th. Wall Street Zen lowered shares of Canaan from a “hold” rating to a “sell” rating in a research note on Saturday, January 17th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Canaan in a research note on Wednesday, January 21st. Six investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $2.96.

Canaan Company Profile

Canaan Inc is a China-based technology company specializing in the design and manufacture of high-performance computing hardware for the digital currency and blockchain industry. The company’s core business revolves around application-specific integrated circuit (ASIC) miners, which are purpose-built machines optimized for cryptocurrency mining. By focusing on energy efficiency and processing power, Canaan’s mining rigs aim to deliver competitive hash rates while managing power consumption in large-scale operations.

The flagship product line, known as AvalonMiner, encompasses a range of models tailored to different scales of mining activity, from small-scale hobbyist setups to industrial farms.