Cango Inc. Sponsored ADR (NYSE:CANG) Stock Short Interest Report for October

Cango Inc. Sponsored ADR (NYSE:CANG) was the target of a significant increase in short interest during the month of October. As of October 15th, there was short interest totaling 1,448,102 shares, an increase of 367.0% from the September 30th total of 310,071 shares. Based on an average daily volume of 2,416,283 shares, the short-interest ratio is currently 0.6 days. Approximately 11.5% of the shares of the company are short sold.

Cango Stock Down 4.9%

Cango stock opened at $1.25 on Friday. Cango has a 1-year low of $1.09 and a 1-year high of $21.00. 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 has a 50 day simple moving average of $2.33 and a 200 day simple moving average of $4.59.

Cango (NYSE:CANG) last issued its earnings results on Tuesday, September 1st. The company reported ($1.99) earnings per share (EPS) 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 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%. On average, sell-side analysts expect that Cango will post -8.39 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

CANG has been the subject of several research reports. Wall Street Zen lowered Cango from a “sell” rating to a “strong sell” rating in a report on Saturday, September 19th. Zacks Research lowered Cango from a “hold” rating to a “strong sell” rating in a research note on Monday, October 12th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Cango in a research note on Friday, August 21st. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $30.00.

About Cango

Cango Inc is a China-based technology company that historically operated an automotive transaction and financial services platform. Through its platform, the company connected consumers, automobile dealers, financial institutions and other participants in the vehicle market, supporting services related to vehicle purchases, sales and financing.

Cango’s automotive business primarily served users and industry partners in China. Its services included online tools for automobile transactions, assistance with auto-loan facilitation and related services intended to improve the efficiency of vehicle purchases and financing.

In 2024, Cango announced a strategic expansion into cryptocurrency mining through the acquisition of bitcoin-mining equipment.