Morgan Stanley cut shares of Cango (NYSE:CANG) from an overweight rating to an equal rating in a research note issued to investors on Monday, Briefing.com Automated Import reports. The firm currently has $7.80 price target on the stock, down from their previous price target of $16.00.

Separately, Zacks Investment Research cut Cango from a buy rating to a hold rating in a research note on Tuesday, October 22nd.

Shares of CANG traded down $0.29 during trading hours on Monday, reaching $6.91. The company’s stock had a trading volume of 29,283 shares, compared to its average volume of 3,565. The firm has a market cap of $1.03 billion, a price-to-earnings ratio of 22.29 and a beta of 1.73. The company has a 50 day moving average of $5.44 and a two-hundred day moving average of $5.93. Cango has a 1-year low of $4.52 and a 1-year high of $10.20. The company has a quick ratio of 2.16, a current ratio of 2.16 and a debt-to-equity ratio of 0.06.

Cango (NYSE:CANG) last announced its quarterly earnings results on Tuesday, September 3rd. The company reported $0.09 EPS for the quarter. The business had revenue of $48.99 million during the quarter. Cango had a return on equity of 6.39% and a net margin of 24.94%. As a group, analysts forecast that Cango will post 0.69 EPS for the current fiscal year.

About Cango

Cango Inc operates an automotive transaction service platform that connects dealers, financial institutions, car buyers, and other industry participants in the People's Republic of China. It facilitates automotive financing services that include facilitating financing transactions from financial institutions to car buyers; automotive transactions between automotive wholesalers, dealers, and car buyers; and after-market services to car buyers.

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