Wall Street brokerages expect that Cango Inc. (NYSE:CANG – Get Rating) will report $130.88 million in sales for the current quarter, according to Zacks Investment Research. Two analysts have issued estimates for Cango’s earnings, with the highest sales estimate coming in at $138.09 million and the lowest estimate coming in at $123.66 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 firm is expected to announce its next quarterly earnings report on Monday, January 1st.
On average, analysts expect that Cango will report full-year sales of $703.52 million for the current year, with estimates ranging from $671.87 million to $735.17 million. For the next fiscal year, analysts anticipate that the company will post sales of $886.89 million, with estimates ranging from $817.16 million to $956.62 million. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research analysts that cover Cango.
Cango (NYSE:CANG – Get Rating) last posted its earnings results on Thursday, March 10th. The company reported $0.14 earnings per share for the quarter, missing the consensus estimate of $0.32 by ($0.18). The firm had revenue of $164.85 million during the quarter, compared to analyst estimates of $174.48 million. Cango had a negative net margin of 0.10% and a negative return on equity of 0.05%. During the same period last year, the company posted $1.59 EPS.
The firm also recently declared a — dividend, which will be paid on Wednesday, June 15th. Shareholders of record on Wednesday, May 25th will be issued a $0.98 dividend. The ex-dividend date of this dividend is Tuesday, May 24th.
Hedge funds have recently bought and sold shares of the stock. Susquehanna International Group LLP acquired a new position in Cango in the 4th quarter valued at about $41,000. Aspiriant LLC grew its holdings in shares of Cango by 37.5% during the first quarter. Aspiriant LLC now owns 16,500 shares of the company’s stock worth $43,000 after buying an additional 4,500 shares in the last quarter. Morgan Stanley raised its position in shares of Cango by 95.7% in the first quarter. Morgan Stanley now owns 5,236 shares of the company’s stock valued at $44,000 after buying an additional 2,560 shares during the last quarter. Legacy Wealth Asset Management LLC purchased a new position in shares of Cango during the fourth quarter valued at approximately $45,000. Finally, Schonfeld Strategic Advisors LLC acquired a new stake in Cango during the third quarter worth approximately $63,000. 22.51% of the stock is currently owned by hedge funds and other institutional investors.
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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