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

Cango (NYSE:CANG) had its price target cut by analysts at HC Wainwright from $8.00 to $3.00 in a research report issued on Thursday,Benzinga reports. The firm currently has a “buy” rating on the stock. HC Wainwright’s price objective points to a potential upside of 137.15% from the stock’s current price.

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

Cango Stock Down 0.4%

NYSE CANG traded down $0.01 on Thursday, hitting $1.27. The company’s stock had a trading volume of 630,051 shares, compared to its average volume of 817,633. The company’s 50-day moving average is $3.37 and its 200 day moving average is $4.31. The firm has a market cap of $131.28 million, a PE ratio of -0.46 and a beta of 0.33. Cango has a 1-year low of $1.16 and a 1-year high of $2.10.

Cango (NYSE:CANG) last issued its quarterly earnings data on Monday, December 1st. The company reported $0.19 earnings per share for the quarter, topping the consensus estimate of ($0.20) by $0.39. The company had revenue of $223.10 million for the quarter, compared to analysts’ expectations of $1.20 billion. Cango had a negative net margin of 46.40% and a positive return on equity of 2.40%.

Institutional Trading of Cango

Hedge funds have recently bought and sold shares of the business. BNP Paribas Financial Markets increased its holdings in 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 in the last quarter. Cubist Systematic Strategies LLC purchased a new position in shares of Cango during the first quarter valued at approximately $243,000. Jump Financial LLC bought a new stake in Cango during the second quarter worth $246,000. Invesco Ltd. bought a new stake in Cango during the first quarter worth $343,000. Finally, Cetera Investment Advisers raised 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 buying an additional 58,240 shares during the last quarter. Institutional investors and hedge funds own 4.22% of the company’s stock.

Cango Company Profile

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.