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

Zacks Research upgraded shares of Cango (NYSE:CANG) from a strong sell rating to a hold rating in a report issued on Monday,Zacks.com reports.

CANG has been the topic of several other research reports. Wall Street Zen upgraded shares of Cango to a “sell” rating in a research report on Saturday, July 25th. Weiss Ratings upgraded Cango from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Tuesday, May 26th. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Cango has a consensus rating of “Moderate Buy” and a consensus price target of $30.00.

Cango Trading Up 1.2%

CANG opened at $1.63 on Monday. The stock has a market capitalization 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 has a twelve month low of $1.36 and a twelve month high of $21.00. The company has a 50-day simple moving average of $2.50 and a 200 day simple moving average of $5.45.

Cango (NYSE:CANG) last released its earnings results on Monday, June 1st. The company reported ($0.73) EPS for the quarter, missing the consensus estimate of ($0.19) by ($0.54). The firm had revenue of $102.00 million during the quarter, compared to the consensus estimate of $100.41 million. Cango had a negative net margin of 125.53% and a negative return on equity of 105.01%. Analysts predict that Cango will post -7.1 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. BNP Paribas Financial Markets boosted its stake 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 purchasing an additional 4,082 shares in the last quarter. CI Investments Inc. increased its position in Cango by 206.7% during the 4th quarter. CI Investments Inc. now owns 105,456 shares of the company’s stock worth $158,000 after purchasing an additional 71,076 shares in the last quarter. Jump Financial LLC acquired a new position in Cango during the 2nd quarter worth approximately $246,000. Finally, Marshall Wace LLP acquired a new position in Cango during the 4th quarter worth 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.