Cango (NYSE:CANG) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Friday.
According to Zacks, “Cango Inc. provides an automotive transaction service platform which connects dealers, financial institutions, car buyers and other industry participants primarily in China. It offer automotive financing services which include facilitating financing transactions from financial institutions to car buyers; automotive transactions between automotive wholesalers, dealers, car buyers and after-market services to car buyers. Cango Inc. is headquartered in Shanghai, the People’s Republic of China. “
Shares of Cango stock traded down $0.22 during trading on Friday, hitting $7.55. 1,300 shares of the company’s stock were exchanged, compared to its average volume of 1,912. The company has a debt-to-equity ratio of 0.11, a current ratio of 5.62 and a quick ratio of 5.62. Cango has a 52-week low of $6.67 and a 52-week high of $13.90.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in CANG. Point72 Hong Kong Ltd purchased a new position in Cango in the third quarter valued at $209,000. Laurion Capital Management LP purchased a new position in Cango in the third quarter valued at $427,000. Primavera Capital Management Ltd increased its holdings in Cango by 21.1% in the fourth quarter. Primavera Capital Management Ltd now owns 6,243,939 shares of the company’s stock valued at $49,577,000 after buying an additional 1,089,607 shares in the last quarter. Finally, Warburg Pincus LLC purchased a new position in Cango in the third quarter valued at $302,687,000. 21.89% of the stock is owned by institutional investors.
Cango Company Profile
Cango Inc operates an automotive transaction service platform that connects dealers, financial institutions, car buyers, and other industry participants in the People's Republic of China. It facilitates automotive financing services that include facilitating financing transactions from financial institutions to car buyers; automotive transactions between automotive wholesalers, dealers, and car buyers; and after-market services to car buyers.
Recommended Story: What are defining characteristics of a correction?
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Cango Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cango and related companies with MarketBeat.com's FREE daily email newsletter.