Cango (NYSE:CANG) Downgraded by Wall Street Zen to Strong Sell

Wall Street Zen cut shares of Cango (NYSE:CANG) from a sell rating to a strong sell rating in a research report report published on Saturday,Wall Street Zen reports.

A number of other analysts have also commented on CANG. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cango in a research note on Friday, August 21st. Zacks Research raised shares of Cango from a “strong sell” rating to a “hold” rating in a research report on Monday, August 3rd. One 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 given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $30.00.

Cango Trading Up 23.0%

CANG opened at $2.67 on Friday. The business has a 50 day simple moving average of $1.92 and a two-hundred day simple moving average of $3.46. The firm has a market capitalization of $47.43 million, a price-to-earnings ratio of -0.11 and a beta of 1.20. 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 issued its quarterly earnings data on Monday, August 31st. 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 return on equity of 165.48% and a negative net margin of 107.22%.The business had revenue of $50.78 million during the quarter, compared to the consensus estimate of $60.02 million. Analysts predict that Cango will post -7.1 EPS for the current year.

Cango Company Profile

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.