Cango (NYSE:CANG) Downgraded by Zacks Research to “Strong Sell”

Zacks Research cut shares of Cango (NYSE:CANG) from a hold rating to a strong sell rating in a research note released on Monday morning,Zacks reports.

Other equities analysts have also recently issued research reports about the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cango in a report on Friday, August 21st. Wall Street Zen lowered Cango from a “sell” rating to a “strong sell” rating in a report on Saturday, September 19th. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $30.00.

Cango Stock Performance

NYSE:CANG opened at $3.50 on Monday. The firm’s 50-day moving average is $2.24 and its 200-day moving average is $3.06. Cango has a 52-week low of $1.36 and a 52-week high of $21.00. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.00 and a current ratio of 1.00. The company has a market cap of $62.11 million, a price-to-earnings ratio of -0.15 and a beta of 1.19.

Cango (NYSE:CANG) last released its earnings results on Tuesday, September 1st. The company reported ($1.99) earnings per share for the quarter, missing the consensus estimate 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 company had revenue of $50.78 million during the quarter, compared to the consensus estimate of $60.02 million. Equities research analysts anticipate that Cango will post -8.39 earnings per share for the current year.

Cango Company Profile

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.