Cango (NYSE:CANG) Trading Down 4.3% – Here’s What Happened

Cango Inc. Sponsored ADR (NYSE:CANG)’s stock price fell 4.3% on Thursday . The company traded as low as $1.44 and last traded at $1.4550. 740,238 shares changed hands during mid-day trading, The stock had previously closed at $1.52.

Analyst Ratings Changes

CANG has been the subject of a number of research reports. Greenridge Global upgraded shares of Cango to a “strong-buy” rating in a research report on Monday, December 22nd. HC Wainwright cut their price target on Cango from $8.00 to $3.00 and set a “buy” rating on the stock in a research report on Thursday, December 4th. Zacks Research raised Cango from a “hold” rating to a “strong-buy” rating in a report on Wednesday, December 10th. Finally, Weiss Ratings restated a “sell (d)” rating on shares of Cango in a research note on Wednesday, October 8th. Two analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $3.00.

Cango Price Performance

The business’s fifty day simple moving average is $1.63 and its two-hundred day simple moving average is $3.61. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.20 and a quick ratio of 1.20.

Cango (NYSE:CANG) last posted its earnings results on Tuesday, December 2nd. The company reported $0.19 EPS for the quarter, beating analysts’ consensus estimates of ($0.20) by $0.39. The firm had revenue of $3.28 million for the quarter, compared to analysts’ expectations of $1.20 billion. Cango had a positive return on equity of 2.29% and a negative net margin of 46.40%.

Institutional Investors Weigh In On Cango

A hedge fund recently raised its stake in Cango stock. BNP Paribas Financial Markets increased its stake in Cango Inc. Sponsored ADR (NYSE:CANG) by 34.5% in the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 15,923 shares of the company’s stock after acquiring an additional 4,082 shares during the quarter. BNP Paribas Financial Markets’ holdings in Cango were worth $68,000 at the end of the most recent reporting period. 4.22% of the stock is owned by institutional investors.

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.