Cango (NYSE:CANG) Rating Increased to Hold at Zacks Research

Zacks Research upgraded shares of Cango (NYSE:CANG) from a strong sell rating to a hold rating in a research report released on Thursday,Zacks.com reports.

Other equities research analysts have also issued research reports about the company. Greenridge Global raised Cango to a “strong-buy” rating in a report on Monday, December 22nd. HC Wainwright reissued a “buy” rating and set a $3.00 price target on shares of Cango in a research note on Tuesday, February 10th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Cango has an average rating of “Moderate Buy” and a consensus target price of $3.00.

Cango Stock Performance

Shares of Cango stock opened at $0.56 on Thursday. The company’s 50 day moving average price is $0.61 and its two-hundred day moving average price is $1.73. The firm has a market capitalization of $115.62 million, a P/E ratio of -0.19 and a beta of 0.92. Cango has a fifty-two week low of $0.33 and a fifty-two week high of $2.10. The company has a debt-to-equity ratio of 1.40, a current ratio of 0.71 and a quick ratio of 1.20.

Cango (NYSE:CANG) last announced its quarterly earnings results on Tuesday, March 17th. The company reported ($1.60) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.27) by ($1.33). Cango had a negative return on equity of 49.13% and a negative net margin of 83.92%.The company had revenue of $179.45 million for the quarter, compared to analyst estimates of $1.24 billion.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Marshall Wace LLP acquired a new stake in shares of Cango in the fourth quarter valued at about $1,677,000. CI Investments Inc. lifted its stake in shares of Cango by 206.7% in the fourth quarter. CI Investments Inc. now owns 105,456 shares of the company’s stock worth $158,000 after acquiring an additional 71,076 shares during the period. Jump Financial LLC bought a new stake in Cango in the second quarter valued at approximately $246,000. Finally, BNP Paribas Financial Markets boosted its holdings in Cango by 34.5% in the third quarter. BNP Paribas Financial Markets now owns 15,923 shares of the company’s stock valued at $68,000 after acquiring an additional 4,082 shares during the last quarter. 4.22% of the stock is owned by institutional investors and hedge funds.

About Cango

Cango Inc (“Cango”) is a leading smart automotive transaction service provider in China, headquartered in Shanghai. The company operates an online‐to‐offline platform that integrates vehicle sourcing, financing, distribution and insurance, offering a comprehensive ecosystem for automakers, dealers and consumers. Leveraging big data analytics and cloud computing, Cango connects buyers and sellers through its proprietary digital infrastructure, facilitating transparent and efficient transactions across the automotive value chain.

Cango’s core offerings include auto financing solutions for new and used vehicles, extended consumer loans and wealth management products.