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

Canaan Inc. (NASDAQ:CAN) – Investment analysts at HC Wainwright dropped their FY2024 earnings per share (EPS) estimates for shares of Canaan in a report issued on Thursday, November 21st. HC Wainwright analyst K. Dede now expects that the company will earn ($0.75) per share for the year, down from their previous forecast of ($0.60). HC Wainwright currently has a “Buy” rating and a $3.00 target price 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.

A number of other equities research analysts also recently issued reports on the company. Nomura Securities upgraded Canaan to a “hold” rating in a research note on Monday, August 19th. Rosenblatt Securities initiated coverage on shares of Canaan in a report on Wednesday, September 11th. They issued a “buy” rating and a $3.00 price objective on the stock. Finally, B. Riley began coverage on shares of Canaan in a report on Wednesday, September 18th. They set a “buy” rating and a $2.00 target price for the company. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $3.38.

Canaan Stock Up 5.6 %

Canaan stock opened at $2.08 on Monday. Canaan has a one year low of $0.72 and a one year high of $3.50. The stock has a fifty day moving average of $1.21 and a 200 day 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. The stock has a market cap of $628.91 million, a PE ratio of -1.54 and a beta of 3.06.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Virtu Financial LLC increased its stake in shares of Canaan by 35.2% in the third quarter. Virtu Financial LLC now owns 103,394 shares of the company’s stock worth $104,000 after purchasing an additional 26,920 shares in the last quarter. XTX Topco Ltd boosted its holdings in Canaan by 193.3% in the 3rd quarter. XTX Topco Ltd now owns 232,525 shares of the company’s stock worth $235,000 after buying an additional 153,255 shares during the period. State Street Corp increased its stake in Canaan by 0.3% in the 3rd quarter. State Street Corp now owns 9,111,069 shares of the company’s stock worth $9,202,000 after buying an additional 23,759 shares in the last quarter. Quadrature Capital Ltd raised its holdings in Canaan by 329.4% during the third quarter. Quadrature Capital Ltd now owns 544,976 shares of the company’s stock valued at $550,000 after acquiring an additional 418,052 shares during the period. Finally, Prime Capital Investment Advisors LLC lifted its position in shares of Canaan by 4.9% in the third quarter. Prime Capital Investment Advisors LLC now owns 914,385 shares of the company’s stock valued at $924,000 after acquiring an additional 42,774 shares in the last quarter. 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.