Cango (NYSE:CANG) Posts Quarterly Earnings Results, Misses Expectations By $1.09 EPS

Cango (NYSE:CANG) posted its earnings results on Monday. The company reported ($1.99) EPS for the quarter, missing analysts’ consensus estimates of ($0.90) by ($1.09), Zacks reports. Cango had a negative return on equity of 105.01% and a negative net margin of 125.53%.

Cango Stock Performance

Shares of Cango stock traded up $0.14 on Monday, hitting $2.37. 926,826 shares of the company’s stock were exchanged, compared to its average volume of 173,838. Cango has a 1 year low of $1.36 and a 1 year high of $21.00. The company has a 50-day simple moving average of $1.95 and a 200-day simple moving average of $4.10. 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 stock has a market capitalization of $42.11 million, a PE ratio of -0.07 and a beta of 1.11.

Hedge Funds Weigh In On Cango

Several institutional investors and hedge funds have recently bought and sold shares of the stock. BNP Paribas Financial Markets increased its position in Cango by 34.5% in the third quarter. BNP Paribas Financial Markets now owns 15,923 shares of the company’s stock worth $68,000 after buying an additional 4,082 shares in the last quarter. Jump Financial LLC purchased a new position in shares of Cango during the 2nd quarter valued at about $246,000. CI Investments Inc. lifted its holdings in Cango by 206.7% during the fourth 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 in the last quarter. Finally, Marshall Wace LLP bought a new stake in shares of Cango during the 4th quarter valued at $1,677,000. 4.22% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts have recently weighed in on CANG shares. Wall Street Zen raised shares of Cango to a “sell” rating in a report on Saturday, July 25th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Cango in a research report on Friday, August 21st. Finally, Zacks Research raised Cango from a “strong sell” rating to a “hold” rating in a report on Monday, August 3rd. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Cango currently has an average rating of “Moderate Buy” and an average target price of $30.00.

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.