Cango (NYSE:CANG) Upgraded at Zacks Research

Zacks Research upgraded shares of Cango (NYSE:CANG) from a hold rating to a strong-buy rating in a research report released on Wednesday morning,Zacks.com reports.

Other equities research analysts have also issued research reports about the company. Weiss Ratings reissued a “sell (d)” rating on shares of Cango in a research report on Wednesday, October 8th. HC Wainwright lowered their price target on Cango from $8.00 to $3.00 and set a “buy” rating for the company in a report on Thursday, December 4th. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $3.00.

Cango Price Performance

Cango stock opened at $1.28 on Wednesday. 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 company has a fifty day simple moving average of $2.93 and a 200-day simple moving average of $4.16. The stock has a market cap of $132.32 million, a P/E ratio of -0.46 and a beta of 0.33. Cango has a 12-month low of $1.12 and a 12-month high of $2.10.

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

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Cetera Investment Advisers lifted its stake in Cango by 102.0% in the first quarter. Cetera Investment Advisers now owns 115,361 shares of the company’s stock valued at $437,000 after buying an additional 58,240 shares during the last quarter. Invesco Ltd. purchased a new position in shares of Cango during the first quarter worth approximately $343,000. Cubist Systematic Strategies LLC acquired a new position in shares of Cango in the 1st quarter valued at $243,000. BNP Paribas Financial Markets raised its position in 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 during the last quarter. Finally, Jump Financial LLC acquired a new stake in Cango during the 2nd quarter worth $246,000. Hedge funds and other institutional investors own 4.22% of the company’s stock.

About Cango

Cango Inc operates an automotive transaction service platform that connects dealers, original equipment manufacturers, financial institutions, car buyers, insurance brokers, and companies in the People's Republic of China. The company offers automobile trading solutions comprising car sourcing, transaction facilitation, logistics, and warehousing support for dealers through Cango Haoche app that offers new car transaction services, and Cango U-Car app that offers used-car transaction services.