Cango Inc. Sponsored ADR (NYSE:CANG) Short Interest Up 55.3% in August

Cango Inc. Sponsored ADR (NYSE:CANG) was the target of a large increase in short interest in August. As of August 31st, there was short interest totaling 424,789 shares, an increase of 55.3% from the August 15th total of 273,486 shares. Approximately 3.4% of the shares of the stock are short sold. Based on an average trading volume of 834,528 shares, the days-to-cover ratio is presently 0.5 days.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. Wall Street Zen raised shares of Cango to a “sell” rating in a research report on Saturday, July 25th. Zacks Research upgraded Cango from a “strong sell” rating to a “hold” rating in a report on Monday, August 3rd. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Cango in a research note on Friday, August 21st. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Cango currently has a consensus rating of “Moderate Buy” and a consensus target price of $30.00.

Cango Price Performance

Shares of NYSE:CANG traded up $0.04 during midday trading on Thursday, reaching $2.17. 1,032,801 shares of the company’s stock were exchanged, compared to its average volume of 197,678. Cango has a 12 month low of $1.36 and a 12 month 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’s 50 day simple moving average is $1.91 and its two-hundred day simple moving average is $3.50. The firm has a market capitalization of $38.56 million, a PE ratio of -0.09 and a beta of 1.20.

Cango (NYSE:CANG) last posted its earnings results on Monday, August 31st. The company reported ($1.99) EPS for the quarter, missing the consensus estimate of ($0.90) by ($1.09). Cango had a negative return on equity of 165.48% and a negative net margin of 107.22%.The company had revenue of $50.78 million for the quarter, compared to the consensus estimate of $60.02 million. Equities research analysts expect that Cango will post -7.1 earnings per share for the current fiscal year.

About Cango

Cango Inc is a technology company that historically operated an automotive transaction and service platform in China. Its platform connected consumers, automobile dealers, financial institutions, insurers and other participants in the vehicle market, supporting services related to vehicle purchases, financing, insurance and ownership.

Founded in 2010 and headquartered in Shanghai, Cango developed its business primarily for the Chinese automotive market. The company’s services were designed to help dealers and consumers complete automotive transactions while providing access to related financial and insurance products.

In 2024, Cango announced a strategic expansion into digital-asset infrastructure through the acquisition of bitcoin-mining equipment and related operations.