Cango (NYSE:CANG) Posts Earnings Results

Cango (NYSE:CANG) announced its quarterly earnings results on Monday. The company reported ($0.73) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.54), Zacks reports. The firm had revenue of $102.00 million during the quarter, compared to the consensus estimate of $100.41 million. Cango had a negative return on equity of 88.32% and a negative net margin of 125.53%.

Cango Trading Down 5.4%

NYSE CANG traded down $0.02 during trading on Wednesday, hitting $0.40. The stock had a trading volume of 160,859 shares, compared to its average volume of 1,136,406. The company has a debt-to-equity ratio of 1.40, a quick ratio of 0.71 and a current ratio of 0.71. The stock has a 50 day simple moving average of $0.46 and a 200 day simple moving average of $0.96. Cango has a one year low of $0.33 and a one year high of $2.10. The stock has a market capitalization of $70.39 million, a price-to-earnings ratio of -0.11 and a beta of 0.97.

Institutional Trading of Cango

Several institutional investors and hedge funds have recently made changes to their positions in CANG. Jump Financial LLC purchased a new position in Cango during the 2nd quarter worth $246,000. BNP Paribas Financial Markets boosted its holdings 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 acquiring an additional 4,082 shares in the last quarter. CI Investments Inc. boosted its holdings 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 acquiring an additional 71,076 shares in the last quarter. Finally, Marshall Wace LLP purchased a new stake in shares of Cango during the fourth quarter worth about $1,677,000. 4.22% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on CANG. Zacks Research raised shares of Cango from a “strong sell” rating to a “hold” rating in a report on Thursday, April 16th. Weiss Ratings raised shares of Cango from a “sell (e+)” rating to a “sell (d-)” rating in a report on Tuesday, May 26th. HC Wainwright reiterated a “buy” rating and issued a $3.00 price target on shares of Cango in a research report on Tuesday, February 10th. Finally, Wall Street Zen upgraded shares of Cango from a “strong sell” rating to a “sell” rating in a research report on Sunday, May 17th. One 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 presently has a consensus rating of “Moderate Buy” and an average price target of $3.00.

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.