Cango (NYSE:CANG) Cut to Strong Sell at Wall Street Zen

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

CANG has been the subject of a number of other research reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cango in a report on Friday, August 21st. Zacks Research raised Cango from a “strong sell” rating to a “hold” rating in a research note on Monday, August 3rd. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $30.00.

Cango Trading Down 8.2%

Shares of Cango stock opened at $2.45 on Friday. The firm has a market capitalization of $43.54 million, a PE ratio of -0.10 and a beta of 1.20. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.32. The firm’s 50 day moving average is $1.93 and its 200 day moving average is $3.40. Cango has a 1 year low of $1.36 and a 1 year high of $21.00.

Cango (NYSE:CANG) last issued its quarterly earnings data on Monday, August 31st. The company reported ($1.99) EPS for the quarter, missing the consensus estimate of ($0.90) by ($1.09). The company had revenue of $50.78 million during the quarter, compared to the consensus estimate of $60.02 million. Cango had a negative net margin of 107.22% and a negative return on equity of 165.48%. Equities research analysts forecast 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.