Cango (NYSE:CANG) Downgraded by Zacks Research to “Hold”

Cango (NYSE:CANG) was downgraded by Zacks Research from a “strong-buy” rating to a “hold” rating in a note issued to investors on Monday,Zacks.com reports.

A number of other equities research analysts also recently weighed in on the stock. Weiss Ratings reiterated a “sell (d)” rating on shares of Cango in a research report on Wednesday, October 8th. Greenridge Global upgraded Cango to a “strong-buy” rating in a research note on Monday, December 22nd. Finally, HC Wainwright cut their target price on Cango from $8.00 to $3.00 and set a “buy” rating for the company in a research report on Thursday, December 4th. One investment 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 given a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $3.00.

Cango Stock Performance

Shares of NYSE CANG opened at $1.17 on Monday. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.20 and a quick ratio of 1.20. The firm has a market cap of $241.82 million, a price-to-earnings ratio of -0.90 and a beta of 0.58. The stock’s fifty day moving average price is $1.37 and its two-hundred day moving average price is $3.23. Cango has a one year low of $1.12 and a one year high of $2.10.

Cango (NYSE:CANG) last released its quarterly earnings results on Tuesday, December 2nd. The company reported $0.19 EPS for the quarter, topping analysts’ consensus estimates of ($0.20) by $0.39. Cango had a negative net margin of 46.40% and a positive return on equity of 2.29%. The business had revenue of $3.28 million for the quarter, compared to analyst estimates of $1.20 billion.

Institutional Investors Weigh In On Cango

An institutional investor recently raised its position in Cango stock. BNP Paribas Financial Markets lifted its stake in shares of Cango Inc. Sponsored ADR (NYSE:CANG) by 34.5% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 15,923 shares of the company’s stock after acquiring an additional 4,082 shares during the quarter. BNP Paribas Financial Markets’ holdings in Cango were worth $68,000 as of its most recent filing with the Securities and Exchange Commission (SEC). Institutional investors and hedge funds own 4.22% of the company’s stock.

Cango Company Profile

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.