Cango (NYSE:CANG) Stock Rating Upgraded by Greenridge Global

Cango (NYSE:CANG) was upgraded by equities researchers at Greenridge Global to a “strong-buy” rating in a note issued to investors on Monday,Zacks.com reports.

CANG has been the topic of several other research reports. Weiss Ratings restated a “sell (d)” rating on shares of Cango in a report on Wednesday, October 8th. Zacks Research raised shares of Cango from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, December 10th. Finally, HC Wainwright cut their price target on shares of Cango from $8.00 to $3.00 and set a “buy” rating on the stock in a report on Thursday, December 4th. Two investment analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $3.00.

Cango Price Performance

CANG opened at $1.48 on Monday. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.20 and a quick ratio of 1.20. The business has a fifty day simple moving average of $2.55 and a 200-day simple moving average of $4.00. Cango has a fifty-two week low of $1.12 and a fifty-two week high of $2.10.

Cango (NYSE:CANG) last announced its earnings results on Tuesday, December 2nd. The company reported $0.19 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 company had revenue of $3.28 million for the quarter, compared to analyst estimates of $1.20 billion.

Institutional Trading of Cango

Several institutional investors have recently made changes to their positions in the stock. BNP Paribas Financial Markets lifted 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 worth $68,000 after buying an additional 4,082 shares in the last quarter. Jump Financial LLC purchased a new position in Cango in the second quarter valued at about $246,000. Cubist Systematic Strategies LLC acquired a new position in Cango in the 1st quarter worth about $243,000. Finally, Invesco Ltd. acquired a new position in Cango in the 1st quarter worth about $343,000. 4.22% of the stock is currently owned by institutional investors and hedge funds.

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.