Cango Inc. Sponsored ADR (NYSE:CANG) Sees Significant Growth in Short Interest

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

Analyst Ratings Changes

A number of brokerages have recently commented on CANG. Zacks Research raised Cango from a “strong sell” rating to a “hold” rating in a research note on Monday, August 3rd. Weiss Ratings restated a “sell (d-)” rating on shares of Cango in a research note on Friday, August 21st. Finally, Wall Street Zen upgraded Cango to a “sell” rating in a report on Saturday, July 25th. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Cango currently has a consensus rating of “Moderate Buy” and a consensus price target of $30.00.

Cango Stock Performance

Shares of CANG stock traded up $0.04 during midday trading on Thursday, hitting $2.17. 1,032,801 shares of the company were exchanged, compared to its average volume of 197,678. Cango has a 52 week low of $1.36 and a 52 week high of $21.00. The firm’s 50 day moving average price is $1.91 and its two-hundred day moving average price is $3.50. 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 firm has a market capitalization of $38.56 million, a P/E ratio of -0.09 and a beta of 1.20.

Cango (NYSE:CANG) last announced its earnings results 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 firm had revenue of $50.78 million for the quarter, compared to the consensus estimate of $60.02 million. As a group, equities research analysts anticipate that Cango will post -7.1 earnings per share for the current 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.