Canaan (CAN) Set to Announce Quarterly Earnings on Tuesday

Posted by on Aug 27th, 2023

Canaan (NASDAQ:CAN – Get Free Report) is set to announce its earnings results before the market opens on Tuesday, August 29th. Analysts expect the company to announce earnings of ($0.15) per share for the quarter. Investors that wish to register for the company’s conference call can do so using this link.

Canaan (NASDAQ:CAN – Get Free Report) last announced its quarterly earnings data on Friday, May 26th. The company reported ($0.51) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.15) by ($0.36). Canaan had a negative return on equity of 8.18% and a negative net margin of 9.76%. The company had revenue of $55.23 million for the quarter, compared to the consensus estimate of $61.00 million. On average, analysts expect Canaan to post $-1 EPS for the current fiscal year and $0 EPS for the next fiscal year.

Canaan Stock Up 4.1 %

Shares of Canaan stock opened at $2.04 on Friday. Canaan has a 12-month low of $1.83 and a 12-month high of $3.98. The stock has a market cap of $343.56 million, a P/E ratio of -6.58 and a beta of 3.23. The business’s 50 day moving average is $2.54 and its 200-day moving average is $2.58.

Institutional Investors Weigh In On Canaan

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Engineers Gate Manager LP acquired a new position in shares of Canaan during the 4th quarter worth approximately $31,000. Credit Suisse AG increased its holdings in shares of Canaan by 31,721.2% during the 4th quarter. Credit Suisse AG now owns 16,547 shares of the company’s stock worth $34,000 after acquiring an additional 16,495 shares during the last quarter. Bank of America Corp DE increased its holdings in shares of Canaan by 185.8% during the 1st quarter. Bank of America Corp DE now owns 6,334 shares of the company’s stock worth $35,000 after acquiring an additional 4,118 shares during the last quarter. JPMorgan Chase & Co. acquired a new position in shares of Canaan during the 2nd quarter worth approximately $39,000. Finally, GTS Securities LLC acquired a new position in shares of Canaan during the 2nd quarter worth approximately $46,000. Institutional investors own 14.85% of the company’s stock.

Canaan Company Profile

(Get Free Report)

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.

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Earnings History for Canaan (NASDAQ:CAN)

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