Streetbeat News

CAN

Canaan Inc.

https://canaan-creative.com

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.

Open

1.51

Mkt cap

452M

Volume

16M

High

1.68

P/E Ratio

-1.06

52-wk high

3.50

Low

1.43

Div yield

N/A

52-wk low

0.72

Canaan has signed a large purchase agreement with Cipher Mining Technologies for 6,600 units of its Avalon Miner A1566, with delivery expected in Q4 2024. Cipher also secured an option to purchase additional mining machines for up to 160 megawatts of capacity.

Portfolio Pulse from Benzinga Newsdesk

June 06, 2024 | 9:35 am

Canaan Inc. (NASDAQ: CAN) reported a 36% year-on-year revenue decline in Q1, despite a surge in Bitcoin prices. The drop is attributed to reduced demand for mining machines due to the Bitcoin halving event, which cut mining profitability. Canaan's stock has fallen over 50% this year, and the company is attempting to diversify into AI chips.

Portfolio Pulse from The Bamboo Works

May 22, 2024 | 6:58 pm

Canaan shares are trading higher following the company's better-than-expected Q1 revenue report, reaffirmed Q2 topline outlook, and issued Q3 revenue guidance.

Portfolio Pulse from Benzinga Newsdesk

May 20, 2024 | 4:13 pm

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

May 20, 2024 | 12:07 pm

Canaan Inc (NASDAQ:CAN) reported a fiscal Q1 2024 revenue decline of 36.5% YoY to $35.09 million, beating the analyst consensus estimate of $30.10 million. The earnings per ADS loss of $(0.16) also beat the analyst consensus estimate loss of $(0.36). The stock price gained after the report. The company sold a total computing power of 3.4 million Thash/s and held $54.7 million in cash and equivalents as of March-end. Canaan's Bitcoin holdings surpassed 1,000 for the first time, reaching 1,057 Bitcoins. The company introduced new A1566 mining machines and maintained a revenue outlook of $70 million for Q2 2024. Canaan stock plunged 55% in the last 12 months. Investors can gain exposure to the stock via Vanguard Total International Stock ETF (NASDAQ:VXUS) and iShares Core MSCI Emerging Markets ETF (NYSE:IEMG).

Portfolio Pulse from Anusuya Lahiri

May 17, 2024 | 1:39 pm

Canaan shares are trading higher after the company reported better-than-expected Q1 revenue, reiterated Q2 topline outlook, and issued Q3 revenue guidance.

Portfolio Pulse from Benzinga Newsdesk

May 17, 2024 | 10:49 am

Canaan Inc. (CAN) has reached a record-high of 1,057 Bitcoins held, surpassing the 1,000 mark for the first time.

Portfolio Pulse from Benzinga Newsdesk

May 17, 2024 | 9:26 am

Canaan has reiterated its Q2 2024 revenue guidance of $70 million, matching estimates, but its Q3 2024 revenue guidance of $70 million falls short of the $91.4 million estimate.

Portfolio Pulse from Benzinga Newsdesk

May 17, 2024 | 9:25 am

Canaan reported its Q1 2024 GAAP EPS at $(0.16), an improvement from $(0.51) year-over-year.

Portfolio Pulse from Benzinga Newsdesk

May 17, 2024 | 9:22 am

Canaan (NASDAQ:CAN) reported Q1 sales of $35.091 million, beating the analyst consensus estimate of $30.100 million by 16.58%. However, this represents a 36.47% decrease from the same period last year.

Portfolio Pulse from Benzinga Newsdesk

May 17, 2024 | 9:19 am

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