Zacks: Analysts Expect Cango Inc. (NYSE:CANG) Will Announce Quarterly Sales of $130.88 Million

Brokerages expect Cango Inc. (NYSE:CANGGet Rating) to announce $130.88 million in sales for the current fiscal quarter, according to Zacks Investment Research. Two analysts have issued estimates for Cango’s earnings, with estimates ranging from $123.66 million to $138.09 million. Cango reported sales of $171.52 million in the same quarter last year, which indicates a negative year over year growth rate of 23.7%. The business is scheduled to issue its next earnings results on Monday, January 1st.

On average, analysts expect that Cango will report full-year sales of $703.52 million for the current fiscal year, with estimates ranging from $671.87 million to $735.17 million. For the next year, analysts expect that the business will post sales of $886.89 million, with estimates ranging from $817.16 million to $956.62 million. Zacks Investment Research’s sales calculations are an average based on a survey of analysts that follow Cango.

Cango (NYSE:CANGGet Rating) last issued its quarterly earnings data on Thursday, March 10th. The company reported $1.04 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.32 by $0.72. Cango had a negative return on equity of 0.05% and a negative net margin of 0.10%. During the same period in the prior year, the business posted $1.59 EPS.

Shares of NYSE CANG opened at $2.50 on Tuesday. The company has a current ratio of 2.23, a quick ratio of 2.23 and a debt-to-equity ratio of 0.07. The stock has a 50 day simple moving average of $2.86. The company has a market cap of $374.69 million, a P/E ratio of -249.75 and a beta of 1.02. Cango has a 12 month low of $1.95 and a 12 month high of $7.22.

Hedge funds have recently made changes to their positions in the stock. Morgan Stanley boosted its stake in Cango by 95.7% in the 1st quarter. Morgan Stanley now owns 5,236 shares of the company’s stock valued at $44,000 after buying an additional 2,560 shares in the last quarter. Susquehanna International Group LLP acquired a new stake in Cango in the 4th quarter valued at $41,000. Legacy Wealth Asset Management LLC acquired a new stake in Cango in the 4th quarter valued at $45,000. Schonfeld Strategic Advisors LLC acquired a new position in Cango in the third quarter worth $63,000. Finally, Mercer Global Advisors Inc. ADV boosted its stake in Cango by 47.2% in the third quarter. Mercer Global Advisors Inc. ADV now owns 19,905 shares of the company’s stock worth $80,000 after purchasing an additional 6,382 shares in the last quarter. 22.84% of the stock is currently owned by institutional investors and hedge funds.

About Cango (Get Rating)

Cango Inc operates an automotive transaction service platform that connects dealers, original equipment manufacturer, financial institutions, car buyers, and other industry participants in the People's Republic of China. The company offers automobile trading solutions, including car sourcing, logistics, and warehousing support for dealers, as well as software as a service solutions; and facilitation of car purchases for car buyers.

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