Weiss Ratings Reaffirms Sell (D) Rating for Cango (NYSE:CANG)

Key Points

• Weiss Ratings has reaffirmed a "Sell (D)" rating for Cango (NYSE:CANG), indicating a negative outlook for the company's stock.
• HC Wainwright has issued a "Buy" rating for Cango with a price target of $8.00, contributing to an average rating of "Hold" among analysts.
• Cango's stock has experienced significant fluctuations, with a 52-week low of $1.55 and a high of $9.66, closing at $4.67 recently.

Cango (NYSE:CANG - Get Free Report)'s stock had its "sell (d)" rating reaffirmed by equities research analysts at Weiss Ratings in a research report issued to clients and investors on Wednesday,Weiss Ratings reports.

Separately, HC Wainwright reiterated a "buy" rating and set a $8.00 price objective on shares of Cango in a research note on Friday, September 5th. One research analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $8.00.

Cango Stock Performance

Shares of CANG stock traded up $0.12 on Wednesday, hitting $4.67. The stock had a trading volume of 278,403 shares, compared to its average volume of 472,514. The firm has a market capitalization of $484.65 million, a price-to-earnings ratio of -1.62 and a beta of 0.72. The stock's 50 day moving average is $4.70 and its 200-day moving average is $4.54. Cango has a 52-week low of $1.55 and a 52-week high of $9.66.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of CANG. Millennium Management LLC bought a new position in shares of Cango in the 4th quarter worth about $232,000. Cubist Systematic Strategies LLC bought a new position in shares of Cango in the 1st quarter worth about $243,000. Jump Financial LLC acquired a new stake in shares of Cango in the 2nd quarter worth about $246,000. Invesco Ltd. acquired a new stake in shares of Cango in the 1st quarter worth about $343,000. Finally, Cetera Investment Advisers increased 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 worth $437,000 after acquiring an additional 58,240 shares during the period. 4.22% of the stock is currently owned by institutional investors.

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.

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