Cango (NYSE:CANG) Cut to “Strong Sell” at Zacks Research

Cango (NYSE:CANG) was downgraded by Zacks Research from a “hold” rating to a “strong sell” rating in a research note issued on Monday, Zacks reports.

A number of other equities research analysts have also issued reports on CANG. Wall Street Zen lowered shares of Cango from a “sell” rating to a “strong sell” rating in a report on Saturday, September 19th. Weiss Ratings restated a “sell (d-)” rating on shares of Cango in a research note on Friday, August 21st. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have issued a Sell rating to the stock. According to MarketBeat.com, Cango presently has an average rating of “Hold” and an average target price of $30.00.

Cango Trading Up 15.7%

NYSE CANG opened at $3.50 on Monday. The firm has a 50 day simple moving average of $2.24 and a 200-day simple moving average of $3.06. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.00 and a quick ratio of 1.00. Cango has a one year low of $1.36 and a one year high of $21.00.

Cango (NYSE:CANG) last announced its quarterly earnings data on Tuesday, September 1st. The company reported ($1.99) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.90) by ($1.09). Cango had a negative net margin of 107.22% and a negative return on equity of 165.48%. The business had revenue of $50.78 million during the quarter, compared to analyst estimates of $60.02 million. As a group, equities analysts forecast that Cango will post -8.39 earnings per share for the current year.

About Cango

Cango Inc is a China-based technology company that historically operated an automotive transaction and services platform. Its business connected consumers, automobile dealers, financial institutions and other industry participants through services designed to support vehicle purchases, financing, ownership and related transactions.

The company’s automotive operations have included automobile financing facilitation, dealer services, vehicle logistics and aftermarket services. Cango primarily served participants in China’s automotive market, with its platform intended to improve access to vehicles and related financial and service products, particularly through partnerships with dealers and financial institutions.

In 2024, Cango announced a strategic shift toward cryptocurrency mining and entered into an agreement to acquire large-scale Bitcoin mining equipment.