Cango (NYSE:CANG) Shares Up 3.7% - Time to Buy?

Key Points

• Cango Inc. shares rose 3.7% to $4.73, with trading volume increasing by 40% compared to the average daily volume.
• Wall Street analysts have mixed ratings on Cango, with a consensus rating of "Hold" and a price target of $8.00.
• Recent institutional activity indicates increased interest, with several hedge funds acquiring new stakes or increasing their holdings in Cango.

Cango Inc. Sponsored ADR (NYSE:CANG - Get Free Report)'s stock price was up 3.7% on Friday . The company traded as high as $4.85 and last traded at $4.73. Approximately 852,300 shares were traded during trading, an increase of 40% from the average daily volume of 606,768 shares. The stock had previously closed at $4.56.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the stock. Weiss Ratings reiterated a "sell (d)" rating on shares of Cango in a report on Saturday, September 27th. HC Wainwright reaffirmed a "buy" rating and issued a $8.00 target price on shares of Cango in a report on Friday, September 5th. One research analyst has rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $8.00.

Cango Stock Performance

The firm has a market capitalization of $490.88 million, a PE ratio of -1.64 and a beta of 0.72. The firm's 50-day moving average is $4.71 and its 200 day moving average is $4.53.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Millennium Management LLC purchased a new stake in Cango in the 4th quarter valued at approximately $232,000. Cetera Investment Advisers raised its holdings in shares of Cango by 102.0% in the first quarter. Cetera Investment Advisers now owns 115,361 shares of the company's stock worth $437,000 after acquiring an additional 58,240 shares during the last quarter. Invesco Ltd. acquired a new position in shares of Cango in the first quarter worth $343,000. Cubist Systematic Strategies LLC purchased a new stake in shares of Cango in the first quarter valued at $243,000. Finally, Jump Financial LLC acquired a new stake in shares of Cango during the second quarter valued at $246,000. 4.22% of the stock is owned by hedge funds and other institutional investors.

About Cango

Cango Inc operates an automotive transaction service platform that connects dealers, original equipment manufacturers, financial institutions, car buyers, insurance brokers, and companies in the People's Republic of China. The company offers automobile trading solutions comprising car sourcing, transaction facilitation, logistics, and warehousing support for dealers through Cango Haoche app that offers new car transaction services, and Cango U-Car app that offers used-car transaction services.

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