Cango (NYSE:CANG) Cut to “Strong Sell” at Zacks Research

Zacks Research cut shares of Cango (NYSE:CANG) from a hold rating to a strong sell rating in a report released on Monday,Zacks.com reports.

Other research analysts have also recently issued research reports about the stock. HC Wainwright reiterated a “buy” rating and issued a $3.00 price target on shares of Cango in a report on Tuesday, February 10th. Greenridge Global upgraded shares of Cango to a “strong-buy” rating in a report on Monday, December 22nd. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $3.00.

Cango Stock Down 20.0%

NYSE:CANG opened at $0.46 on Monday. Cango has a 1 year low of $0.41 and a 1 year high of $2.10. The stock has a 50-day moving average price of $1.01 and a two-hundred day moving average price of $2.36. The stock has a market cap of $94.65 million, a price-to-earnings ratio of -0.15 and a beta of 0.71. The company has a current ratio of 1.20, a quick ratio of 1.20 and a debt-to-equity ratio of 0.59.

Cango (NYSE:CANG) last released its quarterly earnings data on Monday, March 16th. The company reported ($1.60) earnings per share for the quarter, missing the consensus estimate of ($0.27) by ($1.33). Cango had a negative net margin of 83.92% and a negative return on equity of 44.66%. The business had revenue of $179.45 million for the quarter, compared to the consensus estimate of $1.24 billion.

Institutional Trading of Cango

A number of hedge funds and other institutional investors have recently made changes to their positions in CANG. BNP Paribas Financial Markets lifted its position in shares of 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 purchasing an additional 4,082 shares in the last quarter. Jump Financial LLC acquired a new position in Cango during the second quarter worth $246,000. CI Investments Inc. grew its position in Cango by 206.7% in the fourth quarter. CI Investments Inc. now owns 105,456 shares of the company’s stock valued at $158,000 after purchasing an additional 71,076 shares in the last quarter. Finally, Marshall Wace LLP acquired a new stake in Cango in the 4th quarter valued at $1,677,000. 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.