Cango Inc. (CANG) PT Lowered to $3 at H.C. Wainwright

H.C. Wainwright analyst Kevin Dede lowered the price target on Cango Inc. (NYSE: CANG) to $3.00 (from $8.00) while maintaining a Buy rating.

The analyst commented: "Now some three days since Cango released its September quarter, our exploration herein follows subsequent discussion reflecting new strategic emphasis not made explicitly clear on Monday night's investor call. Less investor study, we believe, should be directed toward Cango's bitcoin mining initiative, as we understand the Cango of the future blends mining with the development and operation of modular, or containerized, HPC-engineered data centers the company already has running in beta pilots of multiple containers of 1MW each. We understand initial deployments target two existing facilities where Cango has an opportunity to put solar power complemented by battery storage to use in powering its HPC containers while also working to leverage grid interconnects. Interestingly, Cango has made investments to improve the performance of its mining fleet through 3Q25, replacing underperforming S19's with used-but-good S21s all while strictly maintaining the fleet's 50Eh/s nameplate hash rate, obviously requiring less power and fewer machines. Most importantly, we no longer expect Cango to make further investment in expanding the fleet's hash rate, but perhaps opportunistically upgrading the fleet though maintaining its 50Eh/s deployed target. On Monday, Dec. 1, Cango reported its 3Q25 results with revenue of $224.6M, up 61% versus $139.8M in 2Q25. Better mining efficiency, less curtailment, and an overall higher operating hash rate through September led to the sequential jump—not new news, Cango's 50Eh/s ranks among the largest publicly traded bitcoin miners. Specifically in the month of October, a delivered 46.1Eh/s operating hash represented 92% fleet utilization versus 43.2Eh/s, or 86% utilization, based on the simple average of 2Q25. We are reiterating our Buy rating while lowering our price target to $3 from $8 in rational reflection of market dynamics."

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