Zacks Research Downgrades Cango (NYSE:CANG) to Strong Sell

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

Several other research analysts have also recently weighed in on the company. Weiss Ratings raised Cango from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Tuesday, May 26th. Wall Street Zen upgraded shares of Cango from a “strong sell” rating to a “sell” rating in a research report on Sunday, May 17th. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have issued a Sell rating to the company. According to MarketBeat, Cango currently has a consensus rating of “Hold” and an average price target of $3.00.

Cango Price Performance

Shares of NYSE:CANG opened at $0.22 on Wednesday. Cango has a 12 month low of $0.18 and a 12 month high of $2.10. The stock has a market cap of $38.25 million, a price-to-earnings ratio of -0.06 and a beta of 1.06. The stock’s 50 day moving average price is $0.39 and its 200 day moving average price is $0.75. 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 issued its quarterly earnings results 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 firm had revenue of $102.00 million for the quarter, compared to the consensus estimate of $100.41 million. Equities research analysts anticipate that Cango will post -0.6 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Cango

Several large investors have recently modified their holdings of the stock. Jump Financial LLC acquired a new position in Cango in the 2nd quarter worth approximately $246,000. BNP Paribas Financial Markets raised its stake in Cango by 34.5% during the 3rd quarter. BNP Paribas Financial Markets now owns 15,923 shares of the company’s stock valued at $68,000 after purchasing an additional 4,082 shares during the period. CI Investments Inc. raised its stake in Cango by 206.7% during the 4th quarter. CI Investments Inc. now owns 105,456 shares of the company’s stock valued at $158,000 after purchasing an additional 71,076 shares during the period. Finally, Marshall Wace LLP purchased a new stake in shares of Cango in the fourth quarter valued at $1,677,000. 4.22% of the stock is owned by 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.