HC Wainwright Reiterates Buy Rating for Cango, Raises Target Price to $8

BlockBeats News, September 10 – Cango (stock code: CANG) has received a positive outlook from financial analysts at the U.S. firm HC Wainwright. The institution reiterated its Buy rating for the stock and raised the target price to $8.00. In its latest research report released on September 2, 2025, the firm highlighted Cango's strategic pivot to Bitcoin mining and its potential for long-term growth. The report noted that Cango faced significant challenges in the second quarter of 2025, including a net loss of RMB 2.1 billion due to one-time charges. According to Cango's financial statements, the net loss primarily stemmed from two one-time accounting adjustments rather than substantive operational losses. While these adjustments temporarily reduced reported profits, they laid a solid foundation for future business expansion. The report further emphasized the company's operational resilience, stating that after excluding these one-time charges, Cango achieved an adjusted EBITDA of RMB 710.1 million, with Bitcoin mining accounting for 98.9% of total revenue. HC Wainwright's optimistic outlook is also based on Cango's active expansion into the renewable energy sector and its asset-light business model. The company recently acquired a 50-megawatt mining facility in Georgia, USA, which is seen as a strategic move to reduce energy costs and enhance scalability. The report also praised Cango's focus on low-cost, clean energy, aligning with broader ESG trends and potentially leading to operational cost savings.