Cango (CANG) Rating Increased to Hold at Zacks Investment Research

Zacks Investment Research upgraded shares of Cango (NYSE:CANG) from a sell rating to a hold rating in a research report report published on Wednesday morning.

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. “

Several other research firms have also weighed in on CANG. Goldman Sachs Group started coverage on Cango in a report on Monday, September 3rd. They set a neutral rating and a $11.90 target price on the stock. Morgan Stanley started coverage on Cango in a report on Monday, August 20th. They set an overweight rating on the stock.

NYSE CANG opened at $8.26 on Wednesday. Cango has a fifty-two week low of $8.08 and a fifty-two week high of $13.90. The company has a current ratio of 5.62, a quick ratio of 5.62 and a debt-to-equity ratio of 0.11.

Large investors have recently modified their holdings of the company. Point72 Hong Kong Ltd acquired a new stake in shares of Cango in the third quarter valued at about $209,000. Laurion Capital Management LP acquired a new stake in shares of Cango in the third quarter valued at about $427,000. Primavera Capital Management Ltd acquired a new stake in shares of Cango in the third quarter valued at about $58,399,000. Finally, Warburg Pincus LLC acquired a new stake in shares of Cango in the third quarter valued at about $302,687,000. 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.

Further Reading: Preferred Stock

Get a free copy of the Zacks research report on Cango (CANG)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Cango Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cango and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply