Streetbeat News

CAN

Canaan Inc.

Industry

Computer Hardware

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. The company has a strategic cooperation with Northern Data AG in the areas of artificial intelligence development, blockchain technology, and datacenter operations. Canaan Inc. was founded in 2013 and is based in Beijing, the People's Republic of China.

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HC Wainwright & Co. analyst Kevin Dede has reiterated a Buy rating on Canaan (NASDAQ:CAN) and maintained a $3 price target.

Portfolio Pulse from Benzinga Newsdesk

August 16, 2024 | 10:21 am

Canaan Inc. expects its Q3 total revenues to be approximately $73 million, reflecting the company's current and preliminary views on market and operational conditions.

Portfolio Pulse from Benzinga Newsdesk

August 15, 2024 | 9:39 am

Canaan (NASDAQ:CAN) reported Q2 2024 earnings per ADS of $(0.15), missing the $(0.02) estimate by 650%. However, sales of $71.86M beat the $51.90M estimate by 38.45%, despite a 2.70% decrease from the same period last year.

Portfolio Pulse from Benzinga Newsdesk

August 15, 2024 | 9:35 am

Canaan Inc (NASDAQ:CAN) shares are trading lower by 4% to $0.83 ahead of its second-quarter earnings report, expected to show an EPS loss of 2 cents on revenue of $51.9 million. In the first quarter of 2024, Canaan reported a 36.5% year-over-year revenue decline to $35.09 million, surpassing analyst expectations. The company sold 3.4 million Thash/s of computing power and had $54.7 million in cash by the end of March, with Bitcoin holdings exceeding 1,000 for the first time.

Portfolio Pulse from Henry Khederian

August 14, 2024 | 4:13 pm

Shares of companies within the broader tech sector are trading lower amid concerns over the US economy.

Portfolio Pulse from Benzinga Newsdesk

August 05, 2024 | 3:34 pm

A new report by Bernstein highlights a $20 billion revenue opportunity in Bitcoin mining hardware over the next five years, driven by new U.S.-based players like Block and Auradine. This could disrupt the dominance of Chinese companies like Bitmain, MicroBT, and Canaan (NASDAQ:CAN). Block has partnered with Core Scientific (NASDAQ:CORZ) to develop advanced 3nm mining ASICs, while Auradine, backed by Marathon (NASDAQ:MARA), is shipping its AT1500 Teraflux miners. The increased competition is expected to benefit U.S. miners with improved efficiency and reduced costs.

Portfolio Pulse from Murtuza Merchant

July 30, 2024 | 5:08 pm

Loews Corp (NYSE:L) reported strong Q2 2024 results with net income of $369 million and EPS of $1.67. Revenues grew to $4.27 billion. CNA Financial Corp (NYSE:CAN) and Boardwalk Pipelines segments showed significant growth, while Loews Hotels saw a decline. CEO James Tisch will retire at the end of 2024, with Benjamin Tisch named as his successor. Loews shares were up 6.13% premarket.

Portfolio Pulse from Akanksha Bakshi

July 29, 2024 | 12:52 pm

Shares of crypto-linked stocks are trading higher after Bitcoin rose above $62,000.

Portfolio Pulse from Benzinga Newsdesk

July 15, 2024 | 10:20 am

Wall Street is in a 'wait-and-watch' mode ahead of the monthly non-farm payrolls data. ADP's private payrolls survey showed slower job gains, and weak economic data has increased the odds of rate cuts. Bitcoin's plunge has negatively impacted crypto-linked stocks like Coinbase and Robinhood. Tesla continues its upward trend.

Portfolio Pulse from Shanthi Rexaline

July 05, 2024 | 3:01 pm

Shares of crypto stocks are trading higher amid a rebound in Bitcoin.

Portfolio Pulse from Benzinga Newsdesk

June 25, 2024 | 2:45 pm

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