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

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

A number of other research analysts have also recently commented on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cango in a research report on Friday, August 21st. Wall Street Zen cut shares of Cango from a “sell” rating to a “strong sell” rating in a research report on Saturday, September 19th. One 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 currently has a consensus rating of “Hold” and a consensus price target of $30.00.

Cango Trading Up 15.7%

Shares of Cango stock opened at $3.50 on Monday. Cango has a 52 week low of $1.36 and a 52 week high of $21.00. The business’s fifty day simple moving average is $2.24 and its 200-day simple moving average is $3.06. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.32.

Cango (NYSE:CANG) last released its quarterly earnings results 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). The business had revenue of $50.78 million for the quarter, compared to analysts’ expectations of $60.02 million. Cango had a negative return on equity of 165.48% and a negative net margin of 107.22%. Research analysts predict 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.