Cango Inc -‘s (CANG) Lock-Up Period Set To Expire Tomorrow
Cango’s (NYSE:CANG) lock-up period is set to expire on Tuesday, January 22nd. Cango had issued 4,000,000 shares in its IPO on July 26th. The total size of the offering was $44,000,000 based on an initial share price of $11.00. After the expiration of the company’s lock-up period, restrictions preventing major shareholders and company insiders from selling shares in the company will be lifted.
Separately, Zacks Investment Research lowered Cango from a “hold” rating to a “sell” rating in a research report on Wednesday, November 28th.
Shares of CANG stock opened at $7.05 on Monday. Cango has a fifty-two week low of $6.99 and a fifty-two week high of $13.90. The company has a quick ratio of 5.62, a current ratio of 5.62 and a debt-to-equity ratio of 0.11.
Several hedge funds have recently modified their holdings of the company. Point72 Hong Kong Ltd bought a new stake in shares of Cango in the 3rd quarter worth approximately $209,000. Laurion Capital Management LP bought a new stake in shares of Cango in the 3rd quarter worth approximately $427,000. Primavera Capital Management Ltd bought a new stake in shares of Cango in the 3rd quarter worth approximately $58,399,000. Finally, Warburg Pincus LLC purchased a new position in shares of Cango in the 3rd quarter valued at approximately $302,687,000. Hedge funds and other institutional investors own 21.19% of the company’s stock.
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Cango Inc operates an automotive transaction service platform that connects dealers, financial institutions, car buyers, and other industry participants in the People's Republic of China. It facilitates automotive financing services that include facilitating financing transactions from financial institutions to car buyers; automotive transactions between automotive wholesalers, dealers, and car buyers; and after-market services to car buyers.
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