Cango (NYSE:CANG) Stock Price Down 6.3% - Should You Sell?

Key Points

• Cango Inc.'s stock price dropped by 6.3% on Tuesday, trading as low as $5.20, following a previous close at $5.50.
• Wall Street analysts maintain a buy rating for Cango, with a consensus price target set at $8.00, suggesting potential for future growth.
• Several institutional investors have recently acquired stakes in Cango, boosting their ownership to 4.22% of the stock.

Cango Inc. Sponsored ADR (NYSE:CANG - Get Free Report)'s stock price fell 6.3% on Tuesday . The company traded as low as $5.20 and last traded at $5.16. 389,145 shares changed hands during trading, a decline of 15% from the average session volume of 460,335 shares. The stock had previously closed at $5.50.

Wall Street Analysts Forecast Growth

Separately, HC Wainwright restated a "buy" rating and set a $8.00 price target on shares of Cango in a report on Friday. One research analyst has rated the stock with a Buy rating, Based on data from MarketBeat, the stock presently has an average rating of "Buy" and a consensus price target of $8.00.

Cango Stock Down 10.8%

The stock's fifty day moving average is $4.97 and its 200-day moving average is $4.41. The stock has a market cap of $509.04 million, a price-to-earnings ratio of -1.70 and a beta of 0.77.

Hedge Funds Weigh In On Cango

Several institutional investors and hedge funds have recently modified their holdings of CANG. Nomura Holdings Inc. acquired a new stake in Cango during the fourth quarter worth about $49,000. Tidal Investments LLC acquired a new stake in Cango during the 4th quarter valued at approximately $120,000. Millennium Management LLC acquired a new stake in shares of Cango during the 4th quarter worth approximately $232,000. Cubist Systematic Strategies LLC acquired a new stake in Cango in the 1st quarter valued at $243,000. Finally, Jump Financial LLC acquired a new stake in Cango in the 2nd quarter valued at $246,000. 4.22% of the stock is currently owned by institutional investors and hedge funds.

Cango Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.