Cango (NYSE:CANG) Downgraded to “Strong Sell” Rating by Zacks Research

Cango (NYSE:CANG) was downgraded by stock analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a research report issued on Wednesday,Zacks.com reports.

A number of other research analysts have also weighed in on the stock. Weiss Ratings raised shares of Cango from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Tuesday, May 26th. Wall Street Zen raised Cango from a “strong sell” rating to a “sell” rating in a research report on Sunday, May 17th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, Cango presently has an average rating of “Hold” and a consensus price target of $3.00.

Cango Price Performance

Shares of NYSE:CANG opened at $0.22 on Wednesday. The firm has a market cap of $38.25 million, a price-to-earnings ratio of -0.06 and a beta of 1.06. Cango has a 1 year low of $0.18 and a 1 year high of $2.10. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.15. The business has a fifty day simple moving average of $0.39 and a 200 day simple moving average of $0.75.

Cango (NYSE:CANG) last posted its earnings results on Monday, June 1st. The company reported ($0.73) EPS for the quarter, missing the consensus estimate of ($0.19) by ($0.54). The business had revenue of $102.00 million during the quarter, compared to the consensus estimate of $100.41 million. Cango had a negative return on equity of 105.01% and a negative net margin of 125.53%. As a group, sell-side analysts predict that Cango will post -0.6 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in CANG. BNP Paribas Financial Markets lifted its stake in Cango by 34.5% during the third 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 during the period. Jump Financial LLC acquired a new position in shares of Cango in the 2nd quarter worth approximately $246,000. CI Investments Inc. raised its holdings 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 buying an additional 71,076 shares in the last quarter. Finally, Marshall Wace LLP bought a new position in shares of Cango during the 4th quarter worth approximately $1,677,000. Institutional investors and hedge funds own 4.22% of the company’s stock.

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.