Cango (NYSE:CANG) Downgraded by Zacks Research to “Strong Sell”

Zacks Research downgraded shares of Cango (NYSE:CANG) from a hold rating to a strong sell rating in a research note issued to investors on Monday morning,Zacks.com reports.

A number of other research firms have also issued reports on CANG. Greenridge Global raised shares of Cango to a “strong-buy” rating in a research report on Monday, December 22nd. HC Wainwright reiterated a “buy” rating and issued a $3.00 price objective on shares of Cango in a research note on Tuesday, February 10th. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and two have assigned a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $3.00.

Cango Stock Performance

Shares of Cango stock opened at $0.46 on Monday. Cango has a 12 month low of $0.41 and a 12 month high of $2.10. The company has a quick ratio of 1.20, a current ratio of 1.20 and a debt-to-equity ratio of 0.59. The stock has a market cap of $94.65 million, a PE ratio of -0.15 and a beta of 0.71. The business has a fifty day simple moving average of $1.01 and a 200-day simple moving average of $2.36.

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Marshall Wace LLP acquired a new stake in shares of Cango in the 4th quarter valued at $1,677,000. CI Investments Inc. raised its holdings in Cango by 206.7% during the fourth quarter. CI Investments Inc. now owns 105,456 shares of the company’s stock valued at $158,000 after buying an additional 71,076 shares in the last quarter. Jump Financial LLC acquired a new stake in shares of Cango in the second quarter worth about $246,000. Finally, BNP Paribas Financial Markets boosted its stake in shares of 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 in the last quarter. Institutional investors own 4.22% of the company’s stock.

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.