Cango (CANG) Rating Lowered to Sell at Zacks Investment Research

Zacks Investment Research downgraded shares of Cango (NYSE:CANG) from a hold rating to a sell rating in a report issued on Friday.

According to Zacks, “Cango Inc. provides an automotive transaction service platform which connects dealers, financial institutions, car buyers and other industry participants primarily in China. It offer automotive financing services which include facilitating financing transactions from financial institutions to car buyers; automotive transactions between automotive wholesalers, dealers, car buyers and after-market services to car buyers. Cango Inc. is headquartered in Shanghai, the People’s Republic of China. “

Cango stock opened at $7.43 on Friday. The company has a debt-to-equity ratio of 0.11, a quick ratio of 5.62 and a current ratio of 5.62. Cango has a 12 month low of $6.67 and a 12 month high of $13.90.

Institutional investors have recently bought and sold shares of the company. Point72 Hong Kong Ltd purchased a new position in shares of Cango during the 3rd quarter valued at $209,000. Laurion Capital Management LP purchased a new position in shares of Cango during the 3rd quarter valued at $427,000. Primavera Capital Management Ltd purchased a new position in shares of Cango during the 3rd quarter valued at $58,399,000. Finally, Warburg Pincus LLC purchased a new position in shares of Cango during the 3rd quarter valued at $302,687,000. Institutional investors and hedge funds own 21.89% of the company’s stock.

About Cango

Cango Inc operates an automotive transaction service platform that connects dealers, financial institutions, car buyers, and other industry participants in the People's Republic of China. It facilitates automotive financing services that include facilitating financing transactions from financial institutions to car buyers; automotive transactions between automotive wholesalers, dealers, and car buyers; and after-market services to car buyers.

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