Zacks Research Downgrades Cango (NYSE:CANG) to Strong Sell

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

Several other research analysts have also recently weighed in on CANG. HC Wainwright reissued a “buy” rating and issued a $3.00 price objective on shares of Cango in a research report on Tuesday, February 10th. Greenridge Global raised Cango to a “strong-buy” rating in a research report on Monday, December 22nd. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, Cango currently has a consensus rating of “Hold” and a consensus target price of $3.00.

Cango Trading Down 20.0%

NYSE:CANG opened at $0.46 on Monday. Cango has a 52 week low of $0.41 and a 52 week high of $2.10. The firm has a 50-day moving average price of $1.01 and a two-hundred day moving average price of $2.36. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.20 and a current ratio of 1.20. The firm has a market cap of $94.65 million, a price-to-earnings ratio of -0.15 and a beta of 0.71.

Cango (NYSE:CANG) last announced its earnings results on Monday, March 16th. The company reported ($1.60) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.27) by ($1.33). The business had revenue of $179.45 million during the quarter, compared to analysts’ expectations of $1.24 billion. Cango had a negative return on equity of 44.66% and a negative net margin of 83.92%.

Institutional Investors Weigh In On Cango

Several large investors have recently modified their holdings of the stock. Marshall Wace LLP purchased a new position in Cango in the fourth quarter valued at approximately $1,677,000. CI Investments Inc. increased its position in 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 buying an additional 71,076 shares during the last quarter. BNP Paribas Financial Markets increased its position in Cango by 34.5% in the third quarter. BNP Paribas Financial Markets now owns 15,923 shares of the company’s stock worth $68,000 after buying an additional 4,082 shares during the last quarter. Finally, Jump Financial LLC bought a new stake in shares of Cango in the second quarter valued at $246,000. Hedge funds and other institutional investors 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.