Cango Shares Set to Reverse Split on Tuesday, July 21st (NYSE:CANG)

Shares of Cango Inc. Sponsored ADR (NYSE:CANG) are going to reverse split on the morning of Tuesday, July 21st. The 1-10 reverse split was recently announced. The number of shares owned by shareholders will be adjusted after the market closes on Monday, July 20th.

Cango Price Performance

NYSE:CANG opened at $0.22 on Monday. The firm has a market cap of $38.38 million, a price-to-earnings ratio of -0.06 and a beta of 1.06. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.15. The company’s 50-day moving average is $0.37 and its two-hundred day moving average is $0.70. Cango has a 12-month low of $0.18 and a 12-month high of $2.10.

Cango (NYSE:CANG) last released its quarterly 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). Cango had a negative return on equity of 105.01% and a negative net margin of 125.53%.The firm had revenue of $102.00 million for the quarter, compared to analyst estimates of $100.41 million. Research analysts expect that Cango will post -0.71 EPS for the current year.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on CANG. Weiss Ratings upgraded shares of Cango from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Tuesday, May 26th. Wall Street Zen raised shares of Cango from a “strong sell” rating to a “sell” rating in a research note on Sunday, May 17th. Finally, Zacks Research downgraded Cango from a “hold” rating to a “strong sell” rating in a report on Wednesday, July 1st. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and two have given a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $3.00.

Institutional Investors Weigh In On Cango

Institutional investors have recently added to or reduced their stakes in the company. Jump Financial LLC purchased a new position in shares of Cango in the 2nd quarter worth about $246,000. BNP Paribas Financial Markets grew its holdings in shares of 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 purchasing an additional 4,082 shares during the period. CI Investments Inc. grew its holdings in shares of Cango by 206.7% during the 4th quarter. CI Investments Inc. now owns 105,456 shares of the company’s stock worth $158,000 after purchasing an additional 71,076 shares during the period. Finally, Marshall Wace LLP acquired a new stake in Cango during the 4th quarter worth approximately $1,677,000. 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.