Cetera Investment Advisers Grows Position in Cango Inc. Sponsored ADR $CANG

Key Points

• Cetera Investment Advisers increased its stake in Cango Inc. by 102.0%, owning 115,361 shares valued at approximately $437,000 following the purchase of an additional 58,240 shares.
• HC Wainwright has initiated coverage on Cango, assigning a "buy" rating and a target price of $8.00.
• Cango's stock opened at $4.82 and has shown a 52-week range between $1.40 and $9.66, with a market capitalization of approximately $500.22 million.

Cetera Investment Advisers boosted its position in shares of Cango Inc. Sponsored ADR (NYSE:CANG - Free Report) by 102.0% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 115,361 shares of the company's stock after acquiring an additional 58,240 shares during the period. Cetera Investment Advisers owned 0.11% of Cango worth $437,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Nomura Holdings Inc. purchased a new stake in Cango during the fourth quarter valued at approximately $49,000. Boothbay Fund Management LLC purchased a new stake in Cango in the fourth quarter valued at approximately $57,000. Tidal Investments LLC purchased a new stake in Cango in the fourth quarter valued at approximately $120,000. Millennium Management LLC purchased a new stake in Cango in the fourth quarter valued at approximately $232,000. Finally, Marshall Wace LLP purchased a new position in Cango during the fourth quarter valued at approximately $351,000. Hedge funds and other institutional investors own 4.22% of the company's stock.

Wall Street Analysts Forecast Growth

Separately, HC Wainwright assumed coverage on Cango in a research report on Wednesday, July 23rd. They set a "buy" rating and a $8.00 price target on the stock. One research analyst has rated the stock with a Buy rating, According to MarketBeat, Cango currently has a consensus rating of "Buy" and a consensus price target of $8.00.

Cango Price Performance

Shares of CANG stock traded up $0.1850 during trading hours on Friday, reaching $4.8750. 612,712 shares of the stock were exchanged, compared to its average volume of 462,820. The business's fifty day moving average is $4.87 and its two-hundred day moving average is $4.40. Cango Inc. Sponsored ADR has a 12-month low of $1.40 and a 12-month high of $9.66. The firm has a market capitalization of $505.93 million, a P/E ratio of -243.63 and a beta of 0.74.

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.