Research Analysts Set Expectations for Canaan Inc.’s Q1 2023 Earnings (NASDAQ:CAN)

Canaan Inc. (NASDAQ:CAN – Get Rating) – Investment analysts at HC Wainwright issued their Q1 2023 EPS estimates for Canaan in a report issued on Thursday, March 9th. HC Wainwright analyst K. Dede expects that the company will earn ($0.01) per share for the quarter. HC Wainwright has a “Buy” rating and a $4.00 price objective on the stock. The consensus estimate for Canaan’s current full-year earnings is ($0.44) per share. HC Wainwright also issued estimates for Canaan’s Q2 2023 earnings at ($0.01) EPS, Q3 2023 earnings at ($0.01) EPS and Q4 2023 earnings at $0.00 EPS.

Canaan Stock Down 0.4 %

Shares of Canaan stock opened at $2.33 on Friday. The company has a market capitalization of $399.60 million, a price-to-earnings ratio of 3.82 and a beta of 3.27. Canaan has a 12-month low of $1.87 and a 12-month high of $6.90. The firm’s 50-day moving average price is $2.87 and its two-hundred day moving average price is $2.91.

Institutional Investors Weigh In On Canaan

A number of large investors have recently bought and sold shares of CAN. Vanguard Group Inc. boosted its position in Canaan by 4.1% during the 3rd quarter. Vanguard Group Inc. now owns 6,386,618 shares of the company’s stock worth $20,948,000 after buying an additional 252,678 shares during the period. Invesco Ltd. boosted its position in Canaan by 49.2% during the 1st quarter. Invesco Ltd. now owns 2,894,464 shares of the company’s stock worth $15,717,000 after buying an additional 954,400 shares during the period. BlackRock Inc. boosted its position in Canaan by 26.4% during the 3rd quarter. BlackRock Inc. now owns 2,551,224 shares of the company’s stock worth $8,368,000 after buying an additional 532,667 shares during the period. Point72 Hong Kong Ltd acquired a new stake in Canaan during the 2nd quarter worth approximately $6,436,000. Finally, State Street Corp raised its holdings in Canaan by 17.8% during the 1st quarter. State Street Corp now owns 1,539,635 shares of the company’s stock worth $8,360,000 after purchasing an additional 233,129 shares during the last quarter. 15.17% of the stock is currently owned by institutional investors and hedge funds.

About Canaan

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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 primarily in the People's Republic of China. It is also involved in the assembly and distribution of mining equipment and spare parts.