Cango (NYSE:CANG) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Friday.

According to Zacks, “Cango Inc. provides an automotive transaction service platform which connects dealers, financial institutions, car buyers and other industry participants primarily in China. It offer automotive financing services which include facilitating financing transactions from financial institutions to car buyers; automotive transactions between automotive wholesalers, dealers, car buyers and after-market services to car buyers. Cango Inc. is headquartered in Shanghai, the People’s Republic of China. “

CANG opened at $7.55 on Friday. The company has a current ratio of 5.62, a quick ratio of 5.62 and a debt-to-equity ratio of 0.11. Cango has a fifty-two week low of $6.67 and a fifty-two week high of $13.90.

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Warburg Pincus LLC bought a new position in Cango during the third quarter valued at about $302,687,000. Primavera Capital Management Ltd boosted its position in Cango by 21.1% during the fourth quarter. Primavera Capital Management Ltd now owns 6,243,939 shares of the company’s stock worth $49,577,000 after purchasing an additional 1,089,607 shares during the period. Laurion Capital Management LP bought a new position in Cango during the third quarter worth about $427,000. Finally, Point72 Hong Kong Ltd bought a new position in Cango during the third quarter worth about $209,000. Institutional investors own 21.89% of the company’s stock.

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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