Cango (NYSE:CANG) Trading 1.9% Higher – Still a Buy?

Shares of Cango Inc. Sponsored ADR (NYSE:CANG) rose 1.9% during mid-day trading on Thursday . The company traded as high as $0.2340 and last traded at $0.2153. Approximately 897,806 shares changed hands during trading, a decline of 58% from the average daily volume of 2,138,606 shares. The stock had previously closed at $0.2112.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on CANG shares. Zacks Research raised Cango from a “strong sell” rating to a “hold” rating in a report on Thursday, April 16th. Wall Street Zen upgraded Cango from a “strong sell” rating to a “sell” rating in a research note on Sunday, May 17th. Finally, Weiss Ratings raised Cango from a “sell (e+)” rating to a “sell (d-)” rating in a report on Tuesday, May 26th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Cango has an average rating of “Moderate Buy” and a consensus target price of $3.00.

Cango Trading Up 1.9%

The firm’s 50 day moving average is $0.39 and its 200 day moving average 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. The company has a market cap of $38.25 million, a PE ratio of -0.06 and a beta of 1.06.

Cango (NYSE:CANG) last posted its earnings results on Monday, June 1st. The company reported ($0.73) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.19) by ($0.54). The firm had revenue of $102.00 million during the quarter, compared to analysts’ expectations of $100.41 million. Cango had a negative return on equity of 105.01% and a negative net margin of 125.53%. On average, equities analysts anticipate that Cango Inc. Sponsored ADR will post -0.6 earnings per share for the current year.

Hedge Funds Weigh In On Cango

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Marshall Wace LLP bought a new position in Cango in the 4th quarter worth about $1,677,000. CI Investments Inc. boosted its position in shares of 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 acquiring an additional 71,076 shares during the last quarter. Jump Financial LLC purchased a new position in shares of Cango during the second quarter worth about $246,000. Finally, BNP Paribas Financial Markets increased its position in shares of Cango by 34.5% in 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 last quarter. 4.22% of the stock is currently owned by hedge funds and other institutional investors.

Cango Company Profile

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.