Cango (NYSE:CANG) Upgraded at Zacks Research

Zacks Research upgraded shares of Cango (NYSE:CANG) from a strong sell rating to a hold rating in a report issued on Thursday,Zacks.com reports.

A number of other research firms also recently commented on CANG. HC Wainwright reissued a “buy” rating and set a $3.00 target price on shares of Cango in a research report on Tuesday, February 10th. Greenridge Global raised shares of Cango to a “strong-buy” rating in a research report on Monday, December 22nd. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $3.00.

Cango Trading Up 15.1%

CANG stock opened at $0.56 on Thursday. The company has a market capitalization of $115.62 million, a PE ratio of -0.19 and a beta of 0.92. Cango has a 12 month low of $0.33 and a 12 month high of $2.10. The firm’s 50-day moving average is $0.61 and its 200 day moving average is $1.72. The company has a debt-to-equity ratio of 1.40, a current ratio of 0.71 and a quick ratio of 1.20.

Cango (NYSE:CANG) last posted its quarterly earnings results on Tuesday, March 17th. The company reported ($1.60) EPS for the quarter, missing the consensus estimate of ($0.27) by ($1.33). The company had revenue of $179.45 million during the quarter, compared to analysts’ expectations of $1.24 billion. Cango had a negative return on equity of 49.13% and a negative net margin of 83.92%.

Institutional Trading of Cango

A number of institutional investors have recently bought and sold shares of CANG. Jump Financial LLC acquired a new stake in Cango in the 2nd quarter worth approximately $246,000. BNP Paribas Financial Markets boosted its stake in Cango by 34.5% in 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 in the last quarter. CI Investments Inc. boosted its stake in 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 purchasing an additional 71,076 shares in the last quarter. Finally, Marshall Wace LLP acquired a new stake in Cango in the 4th quarter worth approximately $1,677,000. 4.22% of the stock is currently owned by institutional investors and hedge funds.

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.