Zacks Research Upgrades Cango (NYSE:CANG) to Strong-Buy

Cango (NYSE:CANG) was upgraded by equities research analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research note issued to investors on Wednesday,Zacks.com reports.

Several other research firms have also issued reports on CANG. HC Wainwright reduced their price target on Cango from $8.00 to $3.00 and set a “buy” rating on the stock in a research report on Thursday, December 4th. Weiss Ratings reissued a “sell (d)” rating on shares of Cango in a research note on Wednesday, October 8th. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Cango presently has an average rating of “Moderate Buy” and a consensus target price of $3.00.

Cango Stock Performance

Shares of NYSE:CANG opened at $1.19 on Wednesday. The company has a current ratio of 1.20, a quick ratio of 1.20 and a debt-to-equity ratio of 0.59. The company’s fifty day moving average is $3.00 and its 200 day moving average is $4.18. Cango has a 52 week low of $1.12 and a 52 week high of $2.10.

Cango (NYSE:CANG) last announced its quarterly earnings data on Tuesday, December 2nd. The company reported $0.19 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.20) by $0.39. The firm had revenue of $3.28 million for the quarter, compared to analysts’ expectations of $1.20 billion. Cango had a positive return on equity of 2.29% and a negative net margin of 46.40%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. BNP Paribas Financial Markets grew its position in shares of 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 buying an additional 4,082 shares during the last quarter. Jump Financial LLC bought a new position in shares of Cango during the second quarter valued at approximately $246,000. Cubist Systematic Strategies LLC purchased a new stake in Cango in the first quarter worth $243,000. Invesco Ltd. bought a new stake in Cango in the first quarter valued at $343,000. Finally, Cetera Investment Advisers increased its position in Cango by 102.0% during the 1st quarter. Cetera Investment Advisers now owns 115,361 shares of the company’s stock valued at $437,000 after purchasing an additional 58,240 shares during the period. Institutional investors own 4.22% of the company’s stock.

About Cango

Cango Inc operates an automotive transaction service platform that connects dealers, original equipment manufacturers, financial institutions, car buyers, insurance brokers, and companies in the People's Republic of China. The company offers automobile trading solutions comprising car sourcing, transaction facilitation, logistics, and warehousing support for dealers through Cango Haoche app that offers new car transaction services, and Cango U-Car app that offers used-car transaction services.