Cango (NYSE:CANG) Shares Down 1.6% – What’s Next?

Cango Inc. Sponsored ADR (NYSE:CANG) shares were down 1.6% on Friday . The stock traded as low as $0.42 and last traded at $0.4260. Approximately 261,714 shares traded hands during trading, a decline of 78% from the average daily volume of 1,190,199 shares. The stock had previously closed at $0.4330.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on CANG shares. Zacks Research cut shares of Cango from a “hold” rating to a “strong sell” rating in a research note on Monday, March 16th. HC Wainwright reaffirmed a “buy” rating and set a $3.00 price target on shares of Cango in a research note on Tuesday, February 10th. Finally, Greenridge Global raised shares of Cango to a “strong-buy” rating in a research note on Monday, December 22nd. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $3.00.

Cango Stock Down 1.6%

The company has a market capitalization of $88.42 million, a P/E ratio of -0.14 and a beta of 0.92. The firm’s 50 day moving average price is $0.68 and its two-hundred day moving average price is $1.85. The company has a current ratio of 0.71, a quick ratio of 1.20 and a debt-to-equity ratio of 1.40.

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

Institutional Investors Weigh In On Cango

Large investors have recently made changes to their positions in the stock. BNP Paribas Financial Markets boosted its holdings in shares of Cango by 34.5% in the 3rd quarter. BNP Paribas Financial Markets now owns 15,923 shares of the company’s stock valued at $68,000 after buying an additional 4,082 shares during the last quarter. CI Investments Inc. boosted its holdings in shares of Cango by 206.7% in the 4th quarter. CI Investments Inc. now owns 105,456 shares of the company’s stock valued at $158,000 after buying an additional 71,076 shares during the last quarter. Jump Financial LLC acquired a new stake in shares of Cango in the 2nd quarter valued at approximately $246,000. Finally, Marshall Wace LLP acquired a new stake in shares of Cango in the 4th quarter valued at approximately $1,677,000. Institutional investors and hedge funds own 4.22% of the company’s stock.

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.