Invesco Ltd. Acquires Shares of 90,393 Cango Inc. Sponsored ADR $CANG

Key Points

• Invesco Ltd. has invested approximately $343,000 in Cango Inc. Sponsored ADR, acquiring 90,393 shares during the first quarter.
• HC Wainwright has reiterated a "buy" rating for Cango with a price target of $8.00, reflecting positive analyst sentiment towards the stock.
• Cango has shown significant stock performance variability, with a 52-week low of $1.40 and a high of $9.66, indicating potential for growth and volatility.

Invesco Ltd. purchased a new position in shares of Cango Inc. Sponsored ADR (NYSE:CANG - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 90,393 shares of the company's stock, valued at approximately $343,000. Invesco Ltd. owned about 0.09% of Cango as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in the stock. Cetera Investment Advisers raised its holdings in shares of Cango by 102.0% in the 1st quarter. Cetera Investment Advisers now owns 115,361 shares of the company's stock valued at $437,000 after purchasing an additional 58,240 shares during the period. Tidal Investments LLC bought a new stake in Cango in the fourth quarter valued at approximately $120,000. Nomura Holdings Inc. acquired a new stake in shares of Cango in the fourth quarter valued at approximately $49,000. Finally, Millennium Management LLC acquired a new stake in shares of Cango in the fourth quarter valued at approximately $232,000. Institutional investors and hedge funds own 4.22% of the company's stock.

Analysts Set New Price Targets

Separately, HC Wainwright reissued a "buy" rating and set 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, Based on data from MarketBeat, the stock has an average rating of "Buy" and a consensus price target of $8.00.

Cango Trading Down 1.5%

CANG stock traded down $0.07 during mid-day trading on Thursday, hitting $4.58. 734,734 shares of the company were exchanged, compared to its average volume of 500,028. Cango Inc. Sponsored ADR has a 1-year low of $1.40 and a 1-year high of $9.66. The stock has a market capitalization of $475.31 million, a PE ratio of -1.59 and a beta of 0.77. The business has a 50 day simple moving average of $4.95 and a 200-day simple moving average of $4.42.

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.