Cango’s (CANG) Buy Rating Reiterated at HC Wainwright
by Michael Walen · The Markets DailyHC Wainwright reiterated their buy rating on shares of Cango (NYSE:CANG – Free Report) in a research note released on Tuesday, Marketbeat reports. They currently have a $3.00 target price on the stock.
CANG has been the topic of several other research reports. Greenridge Global upgraded shares of Cango to a “strong-buy” rating in a research report on Monday, December 22nd. Zacks Research cut Cango from a “strong-buy” rating to a “hold” rating in a report on Monday, February 2nd. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Cango currently has an average rating of “Moderate Buy” and a consensus target price of $3.00.
Check Out Our Latest Report on Cango
Cango Stock Performance
Shares of CANG stock opened at $0.82 on Tuesday. The company has a current ratio of 1.20, a quick ratio of 1.20 and a debt-to-equity ratio of 0.59. Cango has a 12-month low of $0.80 and a 12-month high of $2.10. The business’s 50 day moving average is $1.31 and its two-hundred day moving average is $3.06. The company has a market capitalization of $169.44 million, a P/E ratio of -0.63 and a beta of 0.58.
Cango (NYSE:CANG – Get Free Report) last announced its earnings results on Tuesday, December 2nd. The company reported $0.19 earnings per share for the quarter, topping 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 business had revenue of $3.28 million during the quarter, compared to the consensus estimate of $1.20 billion.
Institutional Inflows and Outflows
Several institutional investors and hedge funds have recently made changes to their positions in the stock. BNP Paribas Financial Markets increased its holdings in shares of Cango by 34.5% in the third quarter. BNP Paribas Financial Markets now owns 15,923 shares of the company’s stock valued at $68,000 after purchasing an additional 4,082 shares during the last quarter. CI Investments Inc. grew its holdings in Cango by 206.7% in the 4th quarter. CI Investments Inc. now owns 105,456 shares of the company’s stock valued at $158,000 after buying an additional 71,076 shares in the last quarter. Finally, Jump Financial LLC acquired a new stake in shares of Cango in the 2nd quarter worth $246,000. 4.22% of the stock is currently owned by institutional investors and hedge funds.
Cango Company Profile
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.