Cango (NYSE:CANG) Trading Down 4.3% – Here’s Why

Cango Inc. Sponsored ADR (NYSE:CANG)’s share price was down 4.3% during mid-day trading on Thursday . The company traded as low as $1.44 and last traded at $1.4550. Approximately 740,238 shares were traded during trading, The stock had previously closed at $1.52.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on CANG. HC Wainwright reduced their target price on Cango from $8.00 to $3.00 and set a “buy” rating on the stock in a report on Thursday, December 4th. Greenridge Global raised shares of Cango to a “strong-buy” rating in a research note on Monday, December 22nd. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Cango in a research note on Wednesday, October 8th. Finally, Zacks Research upgraded Cango from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, December 10th. Two research analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Cango currently has an average rating of “Buy” and an average target price of $3.00.

Cango Stock Performance

The company has a current ratio of 1.20, a quick ratio of 1.20 and a debt-to-equity ratio of 0.59. The stock’s fifty day simple moving average is $1.58 and its two-hundred day simple moving average is $3.57.

Cango (NYSE:CANG) last issued its quarterly earnings results on Tuesday, December 2nd. The company reported $0.19 EPS for the quarter, topping analysts’ consensus estimates of ($0.20) by $0.39. The company had revenue of $3.28 million for the quarter, compared to analyst estimates of $1.20 billion. Cango had a negative net margin of 46.40% and a positive return on equity of 2.29%.

Hedge Funds Weigh In On Cango

A hedge fund recently bought a new stake in Cango stock. Jump Financial LLC bought a new stake in Cango Inc. Sponsored ADR (NYSE:CANG) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 50,819 shares of the company’s stock, valued at approximately $246,000. 4.22% of the stock is currently owned by institutional investors.

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.