Cango (NYSE:CANG) Posts Quarterly Earnings Results, Beats Expectations By $0.39 EPS

Cango (NYSE:CANG) announced its quarterly earnings data on Monday. The company reported $0.19 EPS for the quarter, beating analysts’ consensus estimates of ($0.20) by $0.39, Zacks reports. Cango had a negative net margin of 80.60% and a negative return on equity of 2.38%.

Cango Stock Down 1.7%

Cango stock traded down $0.03 during trading hours on Monday, hitting $1.47. The stock had a trading volume of 943,499 shares, compared to its average volume of 856,665. The company has a 50-day moving average of $3.55 and a two-hundred day moving average of $4.37. Cango has a fifty-two week low of $1.16 and a fifty-two week high of $2.10. The company has a market cap of $152.97 million, a PE ratio of -0.51 and a beta of 0.33.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. HC Wainwright restated a “buy” rating and issued a $8.00 price objective on shares of Cango in a research note on Friday, September 5th. Weiss Ratings reissued a “sell (d)” rating on shares of Cango in a research report on Wednesday, October 8th. One investment analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Cango currently has a consensus rating of “Hold” and a consensus price target of $8.00.

Institutional Inflows and Outflows

A hedge fund recently raised its stake in Cango stock. BNP Paribas Financial Markets lifted its stake in shares of Cango Inc. Sponsored ADR (NYSE:CANG) by 34.5% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 15,923 shares of the company’s stock after purchasing an additional 4,082 shares during the period. BNP Paribas Financial Markets’ holdings in Cango were worth $68,000 at the end of the most recent reporting period. Hedge funds and other 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.