Cango (NYSE:CANG) Posts Quarterly Earnings Results, Misses Expectations By $1.27 EPS

Cango (NYSE:CANG) issued its earnings results on Monday. The company reported ($1.46) earnings per share for the quarter, missing the consensus estimate of ($0.19) by ($1.27), FiscalAI reports. The firm had revenue of $102.00 million during the quarter, compared to analysts’ expectations of $100.41 million. Cango had a negative net margin of 83.92% and a negative return on equity of 49.13%.

Cango Price Performance

Shares of NYSE CANG traded down $0.03 on Monday, hitting $0.41. The company’s stock had a trading volume of 968,414 shares, compared to its average volume of 1,149,980. Cango has a 12-month low of $0.33 and a 12-month high of $2.10. The company has a market capitalization of $72.84 million, a price-to-earnings ratio of -0.14 and a beta of 0.97. The company has a debt-to-equity ratio of 1.40, a current ratio of 0.71 and a quick ratio of 0.71. The stock has a 50 day moving average of $0.46 and a 200-day moving average of $0.98.

Institutional Trading of Cango

Several institutional investors and hedge funds have recently modified their holdings of CANG. Jump Financial LLC purchased a new stake in shares of Cango in the second quarter valued at about $246,000. BNP Paribas Financial Markets lifted its stake in shares of Cango by 34.5% during the third quarter. BNP Paribas Financial Markets now owns 15,923 shares of the company’s stock valued at $68,000 after buying an additional 4,082 shares during the period. CI Investments Inc. lifted its stake in shares of 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 buying an additional 71,076 shares during the period. Finally, Marshall Wace LLP purchased a new position in shares of Cango during the fourth quarter valued at approximately $1,677,000. Hedge funds and other institutional investors own 4.22% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. Zacks Research raised shares of Cango from a “strong sell” rating to a “hold” rating in a report on Thursday, April 16th. Weiss Ratings raised Cango from a “sell (e+)” rating to a “sell (d-)” rating in a report on Tuesday, May 26th. HC Wainwright reissued a “buy” rating and issued a $3.00 price target on shares of Cango in a report on Tuesday, February 10th. Finally, Wall Street Zen raised Cango from a “strong sell” rating to a “sell” rating in a report on Sunday, May 17th. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $3.00.

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.