Cango (NYSE:CANG) Raised to Strong-Buy at Greenridge Global

Cango (NYSE:CANG) was upgraded by equities researchers at Greenridge Global to a “strong-buy” rating in a research note issued to investors on Monday,Zacks.com reports.

Several other research firms have also weighed in on CANG. Zacks Research upgraded Cango from a “hold” rating to a “strong-buy” rating in a report on Wednesday, December 10th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Cango in a report on Wednesday, October 8th. Finally, HC Wainwright dropped their target price on shares of Cango from $8.00 to $3.00 and set a “buy” rating on the stock in a report on Thursday, December 4th. Two analysts have rated the stock with a Strong Buy rating, one has given a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $3.00.

Cango Stock Performance

CANG stock opened at $1.48 on Monday. Cango has a 1 year low of $1.12 and a 1 year high of $2.10. The company has a fifty day simple moving average of $2.55 and a 200 day simple moving average of $4.00. The company has a quick ratio of 1.20, a current ratio of 1.20 and a debt-to-equity ratio of 0.59.

Cango (NYSE:CANG) last posted its earnings results on Tuesday, December 2nd. The company reported $0.19 earnings per share for the quarter, beating the consensus estimate of ($0.20) by $0.39. The company had revenue of $3.28 million for the quarter, compared to analyst estimates of $1.20 billion. Cango had a positive return on equity of 2.29% and a negative net margin of 46.40%.

Institutional Trading of Cango

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Invesco Ltd. bought a new position in shares of Cango during the 1st quarter worth about $343,000. Cubist Systematic Strategies LLC bought a new stake in shares of Cango in the first quarter valued at about $243,000. Jump Financial LLC acquired a new stake in Cango during the second quarter worth about $246,000. Finally, BNP Paribas Financial Markets grew its position in Cango by 34.5% during the third quarter. BNP Paribas Financial Markets now owns 15,923 shares of the company’s stock worth $68,000 after buying an additional 4,082 shares in the last quarter. 4.22% of the stock is currently owned by institutional investors and hedge funds.

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.