Cango Inc. Sponsored ADR (NYSE:CANG) Short Interest Update

Cango Inc. Sponsored ADR (NYSE:CANG) was the target of a significant growth in short interest in 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 daily trading volume, of 834,528 shares, the days-to-cover ratio is presently 0.5 days. Currently, 3.4% of the company’s stock are sold short.

Cango Stock Performance

Shares of CANG stock traded up $0.55 during trading on Friday, hitting $2.72. The company’s stock had a trading volume of 660,680 shares, compared to its average volume of 199,859. 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 company has a market cap of $48.36 million, a PE ratio of -0.11 and a beta of 1.20. The business has a fifty day moving average of $1.91 and a 200-day moving average of $3.46. Cango has a 52 week low of $1.36 and a 52 week high of $21.00.

Cango (NYSE:CANG) last posted its quarterly earnings data on Monday, August 31st. The company reported ($1.99) earnings per share for the quarter, missing the consensus estimate 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 analysts’ expectations of $60.02 million. As a group, research analysts anticipate that Cango will post -7.1 earnings per share for the current year.

Wall Street Analysts Forecast Growth

CANG has been the topic of several recent analyst reports. Wall Street Zen upgraded Cango to a “sell” rating in a research note on Saturday, July 25th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Cango in a research note on Friday, August 21st. Finally, 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 issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $30.00.

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.