Cango (NYSE:CANG) Downgraded to Strong Sell Rating by Zacks Research
by Danessa Lincoln · The Markets DailyZacks Research lowered shares of Cango (NYSE:CANG – Free Report) from a hold rating to a strong sell rating in a research note published on Wednesday morning,Zacks.com reports.
A number of other analysts have also weighed in on the stock. Wall Street Zen upgraded shares of Cango from a “strong sell” rating to a “sell” rating in a research report on Sunday, May 17th. Weiss Ratings upgraded Cango from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Tuesday, May 26th. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $3.00.
Read Our Latest Report on Cango
Cango Trading Up 1.9%
Shares of NYSE:CANG opened at $0.22 on Wednesday. Cango has a 12-month low of $0.18 and a 12-month high of $2.10. The business has a 50 day moving average of $0.39 and a 200-day moving average of $0.75. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.15. The stock has a market cap of $38.25 million, a PE ratio of -0.06 and a beta of 1.06.
Cango (NYSE:CANG – Get Free Report) last posted its earnings results on Monday, June 1st. The company reported ($0.73) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.54). Cango had a negative return on equity of 105.01% and a negative net margin of 125.53%.The firm had revenue of $102.00 million for the quarter, compared to analyst estimates of $100.41 million. As a group, equities research analysts forecast that Cango will post -0.6 earnings per share for the current year.
Hedge Funds Weigh In On Cango
Hedge funds have recently bought and sold shares of the company. BNP Paribas Financial Markets raised its holdings in shares of 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 during the period. CI Investments Inc. boosted its position in shares of 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 during the last quarter. Jump Financial LLC purchased a new position in shares of Cango during the second quarter valued at approximately $246,000. Finally, Marshall Wace LLP bought a new stake in Cango during the fourth quarter worth $1,677,000. 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.