Cango (NYSE:CANG) Shares Up 1.9% – Still a Buy?

Shares of Cango Inc. Sponsored ADR (NYSE:CANG) traded up 1.9% during trading on Thursday . The company traded as high as $0.2340 and last traded at $0.2153. Approximately 897,806 shares were traded during mid-day trading, a decline of 58% from the average session volume of 2,138,606 shares. The stock had previously closed at $0.2112.

Wall Street Analysts Forecast Growth

CANG has been the topic of several research reports. Zacks Research upgraded shares of Cango from a “strong sell” rating to a “hold” rating in a research report on Thursday, April 16th. Wall Street Zen upgraded shares of Cango from a “strong sell” rating to a “sell” rating in a research report on Sunday, May 17th. Finally, Weiss Ratings raised 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 assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $3.00.

Cango Price Performance

The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.15. The business’s 50-day simple moving average is $0.39 and its 200 day simple moving average is $0.75. The firm has a market capitalization of $38.25 million, a P/E ratio of -0.06 and a beta of 1.06.

Cango (NYSE:CANG) last announced its quarterly earnings data 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). Cango had a negative return on equity of 105.01% and a negative net margin of 125.53%.The business had revenue of $102.00 million during the quarter, compared to the consensus estimate of $100.41 million. Sell-side analysts forecast that Cango Inc. Sponsored ADR will post -0.6 earnings per share for the current year.

Institutional Trading of Cango

Hedge funds have recently added to or reduced their stakes in the business. BNP Paribas Financial Markets boosted its position in Cango by 34.5% during the third 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 period. CI Investments Inc. grew its stake in shares of 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 buying an additional 71,076 shares during the last quarter. Jump Financial LLC purchased a new position in shares of Cango in the second quarter worth about $246,000. Finally, Marshall Wace LLP purchased a new position in shares of Cango in the fourth quarter worth about $1,677,000. 4.22% of the stock is 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.