Cango (NYSE:CANG) Stock Gets Downgrade from Zacks Research

Cango (NYSE:CANG) was downgraded by investment analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a research report issued to clients and investors on Monday, Zacks reports.

Several other brokerages also recently issued reports on CANG. Wall Street Zen downgraded shares of Cango from a “sell” rating to a “strong sell” rating in a research note on Saturday, September 19th. Weiss Ratings restated a “sell (d-)” rating on shares of Cango in a report on Friday, August 21st. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $30.00.

Cango Stock Performance

Shares of CANG opened at $3.50 on Monday. Cango has a one year low of $1.36 and a one year high of $21.00. The company has a 50-day moving average of $2.24 and a two-hundred day moving average of $3.06. The stock has a market cap of $62.11 million, a price-to-earnings ratio of -0.15 and a beta of 1.19. 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 (NYSE:CANG) last released its earnings results on Tuesday, September 1st. The company reported ($1.99) earnings per share for the quarter, missing the consensus estimate of ($0.90) by ($1.09). The firm had revenue of $50.78 million during the quarter, compared to analysts’ expectations of $60.02 million. Cango had a negative return on equity of 165.48% and a negative net margin of 107.22%. On average, equities research analysts expect that Cango will post -8.39 earnings per share for the current year.

Cango Company Profile

Cango Inc is a China-based technology company that historically operated an automotive transaction and services platform. Its business connected consumers, automobile dealers, financial institutions and other industry participants through services designed to support vehicle purchases, financing, ownership and related transactions.

The company’s automotive operations have included automobile financing facilitation, dealer services, vehicle logistics and aftermarket services. Cango primarily served participants in China’s automotive market, with its platform intended to improve access to vehicles and related financial and service products, particularly through partnerships with dealers and financial institutions.

In 2024, Cango announced a strategic shift toward cryptocurrency mining and entered into an agreement to acquire large-scale Bitcoin mining equipment.