Cango (NYSE:CANG) Posts Earnings Results

Cango (NYSE:CANG) announced its earnings results on Monday. The company reported ($1.99) EPS for the quarter, missing analysts’ consensus estimates of ($0.90) by ($1.09), Zacks reports. Cango had a negative net margin of 125.53% and a negative return on equity of 105.01%.

Cango Trading Up 6.3%

CANG traded up $0.14 during trading hours on Monday, reaching $2.37. The company’s stock had a trading volume of 918,458 shares, compared to its average volume of 173,466. Cango has a fifty-two week low of $1.36 and a fifty-two week high of $21.00. The stock has a market cap of $42.11 million, a PE ratio of -0.07 and a beta of 1.11. The business’s 50-day moving average is $1.95 and its 200-day moving average is $4.10. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.00 and a quick ratio of 1.00.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on CANG. Zacks Research upgraded Cango from a “strong sell” rating to a “hold” rating in a research report on Monday, August 3rd. Weiss Ratings restated a “sell (d-)” rating on shares of Cango in a report on Friday, August 21st. Finally, Wall Street Zen raised shares of Cango to a “sell” rating in a research note on Saturday, July 25th. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Cango currently has an average rating of “Moderate Buy” and a consensus target price of $30.00.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. Marshall Wace LLP purchased a new stake in shares of Cango in the 4th quarter valued at approximately $1,677,000. CI Investments Inc. lifted its holdings in shares of 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. Jump Financial LLC purchased a new position in shares of Cango during the 2nd quarter worth approximately $246,000. Finally, BNP Paribas Financial Markets boosted its position 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 purchasing an additional 4,082 shares during the period. Hedge funds and other 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.