Cango (NYSE:CANG) Posts Quarterly Earnings Results, Misses Estimates By $0.54 EPS

Cango (NYSE:CANG) announced its quarterly earnings results on Monday. The company reported ($0.73) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.19) by ($0.54), Zacks reports. The company had revenue of $102.00 million for the quarter, compared to analyst estimates 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 6.2%

Cango stock traded down $0.03 during trading hours on Wednesday, hitting $0.39. The company had a trading volume of 163,484 shares, compared to its average volume of 1,136,585. The company has a 50-day moving average price of $0.46 and a two-hundred day moving average price of $0.96. Cango has a 1 year low of $0.33 and a 1 year high of $2.10. The firm has a market cap of $69.86 million, a P/E ratio of -0.11 and a beta of 0.97. The company has a debt-to-equity ratio of 1.40, a quick ratio of 0.71 and a current ratio of 0.71.

Analyst Ratings Changes

Several research analysts recently issued reports on the stock. HC Wainwright reiterated a “buy” rating and issued a $3.00 target price on shares of Cango in a research report on Tuesday, February 10th. Zacks Research upgraded Cango from a “strong sell” rating to a “hold” rating in a report on Thursday, April 16th. Weiss Ratings raised Cango from a “sell (e+)” rating to a “sell (d-)” rating in a report on Tuesday, May 26th. 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 given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Cango has an average rating of “Moderate Buy” and a consensus target price of $3.00.

Institutional Trading of Cango

Hedge funds and other institutional investors have recently bought and sold shares of the stock. BNP Paribas Financial Markets boosted its position in Cango by 34.5% during the third 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 in the last quarter. Jump Financial LLC acquired a new stake in shares of Cango during the second quarter worth about $246,000. CI Investments Inc. lifted its holdings in shares of Cango by 206.7% during the fourth quarter. CI Investments Inc. now owns 105,456 shares of the company’s stock worth $158,000 after purchasing an additional 71,076 shares during the period. Finally, Marshall Wace LLP acquired a new position in Cango in the 4th quarter worth approximately $1,677,000. Institutional investors own 4.22% of the company’s stock.

Cango Company Profile

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.