Cango (CANG) Stock Rating Lowered by Zacks Investment Research

Zacks Investment Research cut shares of Cango (NYSE:CANG) from a hold rating to a sell rating in a report issued on Tuesday.

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. “

A number of other analysts have also recently weighed in on the company. Morgan Stanley started coverage on Cango in a research note on Monday, August 20th. They issued an overweight rating on the stock. Goldman Sachs Group started coverage on Cango in a research note on Monday, September 3rd. They issued a neutral rating and a $11.90 price target on the stock.

Cango stock opened at $8.56 on Tuesday. Cango has a 1-year low of $8.20 and a 1-year high of $13.90. The company has a quick ratio of 5.62, a current ratio of 5.62 and a debt-to-equity ratio of 0.11.

Several hedge funds have recently modified their holdings of the business. Warburg Pincus LLC purchased a new position in shares of Cango during the third quarter worth about $302,687,000. Primavera Capital Management Ltd purchased a new position in shares of Cango during the third quarter worth about $58,399,000. Laurion Capital Management LP purchased a new position in shares of Cango during the third quarter worth about $427,000. Finally, Point72 Hong Kong Ltd purchased a new position in shares of Cango during the third quarter worth about $209,000. 21.19% of the stock is currently 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.

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