Cango Inc. Sponsored ADR (NYSE:CANG) Short Interest Down 89.8% in July

Cango Inc. Sponsored ADR (NYSE:CANG) saw a large drop in short interest in the month of July. As of July 31st, there was short interest totaling 384,211 shares, a drop of 89.8% from the July 15th total of 3,748,510 shares. Based on an average trading volume of 139,895 shares, the short-interest ratio is presently 2.7 days. Currently, 3.1% of the shares of the company are short sold.

Institutional Investors Weigh In On Cango

Hedge funds have recently bought and sold shares of the business. Marshall Wace LLP purchased a new stake in shares of Cango during the 4th quarter valued at about $1,677,000. CI Investments Inc. lifted its stake in shares of 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 purchasing an additional 71,076 shares during the last quarter. Jump Financial LLC bought a new stake in shares of Cango in the 2nd quarter valued at approximately $246,000. Finally, BNP Paribas Financial Markets boosted its holdings in shares of Cango by 34.5% in 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. Hedge funds and other institutional investors own 4.22% of the company’s stock.

Cango Price Performance

Shares of Cango stock traded up $0.26 during trading hours on Wednesday, hitting $1.98. The company’s stock had a trading volume of 189,542 shares, compared to its average volume of 124,329. The company has a market cap of $35.18 million, a PE ratio of -0.06 and a beta of 1.11. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.00 and a current ratio of 1.00. The business has a 50 day moving average price of $2.24 and a two-hundred day moving average price of $5.00. Cango has a 12-month low of $1.36 and a 12-month high of $21.00.

Cango (NYSE:CANG) last released its 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 business had revenue of $102.00 million for the quarter, compared to analysts’ expectations of $100.41 million. Analysts expect that Cango will post -7.1 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the stock. Zacks Research raised shares of Cango from a “strong sell” rating to a “hold” rating in a report on Monday, August 3rd. Wall Street Zen raised shares of Cango to a “sell” rating in a research note on Saturday, July 25th. Finally, Weiss Ratings upgraded shares of Cango from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Tuesday, May 26th. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $30.00.

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.