HC Wainwright Cuts Cango (NYSE:CANG) Price Target to $3.00

Cango (NYSE:CANG) had its price objective reduced by HC Wainwright from $8.00 to $3.00 in a research report sent to investors on Thursday, Marketbeat Ratings reports. They currently have a buy rating on the stock.

Separately, Weiss Ratings reiterated a “sell (d)” rating on shares of Cango in a research note on Wednesday, October 8th. One research analyst has rated the stock with a Buy rating and one has given a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $3.00.

Cango Stock Performance

NYSE:CANG opened at $1.20 on Thursday. The firm has a market capitalization of $124.54 million, a PE ratio of -0.43 and a beta of 0.33. The company has a quick ratio of 1.62, a current ratio of 1.20 and a debt-to-equity ratio of 0.59. Cango has a 12-month low of $1.16 and a 12-month high of $2.10. The firm has a 50-day moving average price of $3.25 and a 200 day moving average price of $4.27.

Cango (NYSE:CANG) last released its quarterly earnings data on Monday, December 1st. The company reported $0.19 earnings per share for the quarter, beating the consensus estimate of ($0.20) by $0.39. Cango had a positive return on equity of 2.29% and a negative net margin of 46.40%.The company had revenue of $223.10 million for the quarter, compared to analyst estimates of $1.20 billion.

Institutional Investors Weigh In On Cango

Hedge funds and other institutional investors have recently bought and sold shares of the business. Cetera Investment Advisers increased its position in Cango by 102.0% in the 1st quarter. Cetera Investment Advisers now owns 115,361 shares of the company’s stock valued at $437,000 after acquiring an additional 58,240 shares in the last quarter. Invesco Ltd. bought a new stake in shares of Cango during the first quarter valued at approximately $343,000. Cubist Systematic Strategies LLC acquired a new stake in shares of Cango in the first quarter valued at approximately $243,000. Jump Financial LLC bought a new position in Cango in the 2nd quarter worth approximately $246,000. Finally, BNP Paribas Financial Markets raised its position in Cango by 34.5% in the 3rd 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 owned by institutional investors and hedge funds.

About Cango

Cango Inc operates an automotive transaction service platform that connects dealers, original equipment manufacturers, financial institutions, car buyers, insurance brokers, and companies in the People's Republic of China. The company offers automobile trading solutions comprising car sourcing, transaction facilitation, logistics, and warehousing support for dealers through Cango Haoche app that offers new car transaction services, and Cango U-Car app that offers used-car transaction services.