Cango (NYSE:CANG) Stock Rating Upgraded by Zacks Research

Cango (NYSE:CANG) was upgraded by stock analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a research note issued to investors on Monday,Zacks.com reports.

A number of other research analysts also recently issued reports on the stock. Weiss Ratings raised shares of Cango from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Tuesday, May 26th. Wall Street Zen raised shares of Cango to a “sell” rating in a research report on Saturday, July 25th. One investment 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’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $30.00.

Cango Trading Up 1.2%

CANG opened at $1.63 on Monday. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.15. The firm has a market cap of $28.97 million, a price-to-earnings ratio of -0.05 and a beta of 1.11. Cango has a 12 month low of $1.36 and a 12 month high of $21.00. The stock has a fifty day moving average price of $2.50 and a 200-day moving average price of $5.45.

Cango (NYSE:CANG) last issued 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). The company had revenue of $102.00 million for the quarter, compared to the consensus estimate of $100.41 million. Cango had a negative net margin of 125.53% and a negative return on equity of 105.01%. As a group, equities research analysts anticipate that Cango will post -7.1 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Cango

Several institutional investors and hedge funds have recently made changes to their positions in CANG. Marshall Wace LLP acquired a new position in shares of Cango in the 4th quarter valued at $1,677,000. CI Investments Inc. raised its stake in Cango by 206.7% in the 4th quarter. CI Investments Inc. now owns 105,456 shares of the company’s stock worth $158,000 after acquiring an additional 71,076 shares during the last quarter. BNP Paribas Financial Markets lifted its position in Cango by 34.5% during the 3rd 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 during the period. Finally, Jump Financial LLC acquired a new stake in Cango during the 2nd quarter worth about $246,000. 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.