Cango (NYSE:CANG) Upgraded to Hold at Zacks Research

Cango (NYSE:CANG) was upgraded by equities research analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a note issued to investors on Monday,Zacks.com reports.

Other analysts also recently issued research reports about the company. Wall Street Zen upgraded Cango to a “sell” rating in a research note on Saturday, July 25th. Weiss Ratings upgraded shares of Cango from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Tuesday, May 26th. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $30.00.

Cango Price Performance

Cango stock opened at $1.63 on Monday. The business has a 50-day simple moving average of $2.50 and a 200 day simple moving average of $5.45. Cango has a 52 week low of $1.36 and a 52 week high of $21.00. The stock has a market cap of $28.97 million, a price-to-earnings ratio of -0.05 and a beta of 1.11. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.15.

Cango (NYSE:CANG) last announced its earnings results on Monday, June 1st. The company reported ($0.73) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.54). The company had revenue of $102.00 million during the quarter, compared to analysts’ expectations of $100.41 million. Cango had a negative net margin of 125.53% and a negative return on equity of 105.01%. On average, research analysts forecast that Cango will post -7.1 earnings per share for the current fiscal year.

Institutional Trading of Cango

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Jump Financial LLC bought a new position in shares of Cango in the second quarter worth about $246,000. BNP Paribas Financial Markets grew its holdings in shares of 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 purchasing an additional 4,082 shares in the last quarter. CI Investments Inc. raised its stake in Cango by 206.7% during the fourth quarter. CI Investments Inc. now owns 105,456 shares of the company’s stock valued at $158,000 after purchasing an additional 71,076 shares in the last quarter. Finally, Marshall Wace LLP bought a new position in Cango during the fourth quarter valued at $1,677,000. Hedge funds and other institutional investors 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.