Cango (NYSE:CANG) Upgraded at Greenridge Global

Greenridge Global upgraded shares of Cango (NYSE:CANG) to a strong-buy rating in a report issued on Monday morning,Zacks.com reports.

CANG has been the topic of several other research reports. Zacks Research upgraded Cango from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, December 10th. HC Wainwright decreased their target price on Cango from $8.00 to $3.00 and set a “buy” rating for the company in a report on Thursday, December 4th. Finally, Weiss Ratings reiterated a “sell (d)” rating on shares of Cango in a report on Wednesday, October 8th. Two equities research 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 data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $3.00.

Cango Stock Performance

Shares of Cango stock opened at $1.37 on Monday. The firm has a market capitalization of $141.66 million, a P/E ratio of -0.49 and a beta of 0.33. Cango has a 52 week low of $1.12 and a 52 week high of $2.10. The company has a quick ratio of 1.20, a current ratio of 1.20 and a debt-to-equity ratio of 0.59. The company has a 50 day moving average price of $2.43 and a 200 day moving average price of $3.95.

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

Institutional Trading of Cango

Several hedge funds have recently made changes to their positions in CANG. BNP Paribas Financial Markets increased its position in shares of Cango by 34.5% during the third quarter. BNP Paribas Financial Markets now owns 15,923 shares of the company’s stock valued at $68,000 after acquiring an additional 4,082 shares during the last quarter. Jump Financial LLC purchased a new stake in Cango during the second quarter worth about $246,000. Cubist Systematic Strategies LLC purchased a new position in Cango during the first quarter worth $243,000. Finally, Invesco Ltd. purchased a new position in Cango during the first quarter worth about $343,000. Hedge funds and other institutional investors 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.