Cango (NYSE:CANG) Upgraded at Wall Street Zen

Cango (NYSE:CANG) was upgraded by research analysts at Wall Street Zen to a “sell” rating in a research note issued on Saturday.

Several other research firms have also issued reports on CANG. Zacks Research lowered shares of Cango from a “hold” rating to a “strong sell” rating in a research report on Wednesday, July 1st. Weiss Ratings upgraded Cango from a “sell (e+)” rating to a “sell (d-)” rating in a report on Tuesday, May 26th. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $30.00.

Cango Stock Down 8.3%

Shares of NYSE CANG opened at $1.68 on Friday. The stock has a market capitalization of $29.84 million, a P/E ratio of -0.05 and a beta of 1.06. Cango has a one year low of $1.60 and a one year high of $21.00. The firm’s 50 day simple moving average is $2.96 and its two-hundred day simple moving average is $6.19. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.00 and a quick ratio of 1.00.

Cango (NYSE:CANG) last announced its quarterly earnings data on Monday, June 1st. The company reported ($0.73) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.54). Cango had a negative net margin of 125.53% and a negative return on equity of 105.01%. The business had revenue of $102.00 million during the quarter, compared to analysts’ expectations of $100.41 million. As a group, analysts expect that Cango will post -7.1 EPS for the current fiscal year.

Hedge Funds Weigh In On Cango

Hedge funds have recently made changes to their positions in the business. Marshall Wace LLP purchased a new stake in Cango in the fourth quarter worth $1,677,000. CI Investments Inc. lifted its position in shares of 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 during the period. Jump Financial LLC bought a new stake in shares of Cango during the 2nd quarter valued at about $246,000. Finally, BNP Paribas Financial Markets increased its position 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 buying an additional 4,082 shares during the period. 4.22% of the stock is owned by hedge funds and other 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.