What is HC Wainwright’s Estimate for Canaan FY2024 Earnings?

Canaan Inc. (NASDAQ:CAN) – HC Wainwright cut their FY2024 EPS estimates for Canaan in a research note issued to investors on Thursday, November 21st. HC Wainwright analyst K. Dede now forecasts that the company will post earnings per share of ($0.75) for the year, down from their prior forecast of ($0.60). HC Wainwright currently has a “Buy” rating and a $3.00 price objective on the stock. The consensus estimate for Canaan’s current full-year earnings is ($0.66) per share. HC Wainwright also issued estimates for Canaan’s FY2025 earnings at ($0.45) EPS.

Several other research firms have also commented on CAN. Rosenblatt Securities initiated coverage on shares of Canaan in a research note on Wednesday, September 11th. They issued a “buy” rating and a $3.00 price objective for the company. B. Riley initiated coverage on shares of Canaan in a research note on Wednesday, September 18th. They issued a “buy” rating and a $2.00 price objective for the company. Finally, Nomura Securities raised shares of Canaan to a “hold” rating in a research note on Monday, August 19th. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, Canaan has an average rating of “Moderate Buy” and an average price target of $3.38.

Canaan Trading Down 13.5 %

NASDAQ CAN opened at $1.80 on Monday. The firm has a 50 day simple moving average of $1.21 and a 200-day simple moving average of $1.08. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.45 and a current ratio of 2.03. Canaan has a one year low of $0.72 and a one year high of $3.50. The firm has a market cap of $544.25 million, a price-to-earnings ratio of -1.33 and a beta of 3.06.

Institutional Trading of Canaan

Institutional investors have recently modified their holdings of the stock. Vanguard Personalized Indexing Management LLC purchased a new stake in shares of Canaan during the 2nd quarter worth approximately $34,000. XTX Topco Ltd acquired a new position in shares of Canaan in the 2nd quarter valued at $79,000. Virtu Financial LLC increased its holdings in shares of Canaan by 35.2% in the 3rd quarter. Virtu Financial LLC now owns 103,394 shares of the company’s stock valued at $104,000 after acquiring an additional 26,920 shares during the period. Farther Finance Advisors LLC increased its holdings in shares of Canaan by 38.6% in the 3rd quarter. Farther Finance Advisors LLC now owns 109,409 shares of the company’s stock valued at $111,000 after acquiring an additional 30,447 shares during the period. Finally, Impact Partnership Wealth LLC increased its holdings 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 acquiring an additional 92,038 shares during the period. Hedge funds and other institutional investors 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.