Short Interest in Cango Inc. Sponsored ADR (NYSE:CANG) Declines By 89.8%

Cango Inc. Sponsored ADR (NYSE:CANG) saw a large decrease in short interest during the month of July. As of July 31st, there was short interest totaling 384,211 shares, a decrease of 89.8% from the July 15th total of 3,748,510 shares. Based on an average trading volume of 139,895 shares, the days-to-cover ratio is currently 2.7 days. Currently, 3.1% of the shares of the stock are short sold.

Cango Stock Performance

Cango stock opened at $2.22 on Friday. The firm’s 50 day simple moving average is $2.17 and its 200-day simple moving average is $4.84. The company has a market cap of $39.45 million, a P/E ratio of -0.06 and a beta of 1.11. 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 has a fifty-two week low of $1.36 and a fifty-two week high of $21.00.

Cango (NYSE:CANG) last issued its quarterly earnings results on Monday, June 1st. The company reported ($0.73) EPS for the quarter, missing the consensus estimate 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 during the quarter, compared to analysts’ expectations of $100.41 million. As a group, equities research analysts predict that Cango will post -7.1 EPS for the current year.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the stock. Zacks Research raised shares of Cango from a “strong sell” rating to a “hold” rating in a research note on Monday, August 3rd. Weiss Ratings raised shares of Cango from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Tuesday, May 26th. Finally, Wall Street Zen upgraded shares of Cango to a “sell” rating in a report on Saturday, July 25th. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $30.00.

Institutional Trading of Cango

Several hedge funds and other institutional investors have recently modified their holdings of CANG. Marshall Wace LLP acquired a new position in Cango during the fourth quarter valued at $1,677,000. CI Investments Inc. lifted its stake in Cango by 206.7% in the 4th quarter. CI Investments Inc. now owns 105,456 shares of the company’s stock worth $158,000 after acquiring an additional 71,076 shares in the last quarter. Jump Financial LLC acquired a new stake in Cango during the 2nd quarter worth about $246,000. Finally, BNP Paribas Financial Markets boosted its position in Cango by 34.5% during the 3rd quarter. BNP Paribas Financial Markets now owns 15,923 shares of the company’s stock worth $68,000 after acquiring an additional 4,082 shares during the period. Institutional investors and hedge funds own 4.22% of the company’s stock.

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.