Cango Inc. (NYSE:CANG) Short Interest Up 16.7% in September

Cango Inc. (NYSE:CANG – Get Rating) saw a significant spike in short interest in September. On September 15th, there was short interest totaling 472,100 shares, up 16.7% from the August 31st total of 404,500 shares. Based on an average daily volume of 86,100 shares, the short interest ratio is currently 5.5 days. About 0.7% of the company’s shares are sold short.

Institutional trading with Cango

Major investors recently changed their stakes in the company. Goldman Sachs Group Inc. bought a new position in Cango valued at approximately $96,000 during the second quarter. Jane Street Group LLC bought a new position in Cango valued at approximately $44,000 during the second quarter. Millennium Management LLC bought a new position in Cango valued at approximately $26,000 during the second quarter. State Street Corp added 7.8% to its position in Cango in the first quarter. State Street Corp now owns 164,215 shares of the company’s stock valued at $425,000 after purchasing an additional 11,947 shares last quarter. Finally, Penserra Capital Management LLC bought a new position in Cango valued at approximately $90,000 during Q1. Institutional investors and hedge funds own 22.51% of the company’s shares.

Also Read :  Secure 2.0 Lets Retirees Delay RMDs. That Doesn't Mean They Should.

Performance of Cango stock

Shares of CANG stock rose $0.20 during trading hours on Friday to hit $2.30. The stock had a trading volume of 67,683 shares compared to an average volume of 60,568. The company has a gearing ratio of 0.05, a current ratio of 2.55 and a quick ratio of 2.55. Cango has a 12-month low of $1.95 and a 12-month high of $4.64. The company has a 50-day simple moving average of $2.42 and a 200-day simple moving average of $2.63. The company has a market cap of $321.40 million, a PE ratio of -2.99 and a beta of 0.79.

Cango (NYSE:CANG – Get Rating) last released its quarterly earnings data on Monday, August 29th. The company reported earnings per share of ($1.38) for the quarter, missing analyst consensus estimates of ($0.18) by ($1.20). Cango had a negative return on equity of 10.58% and a negative net margin of 23.94%. The company had revenue of $43.18 million for the quarter, compared to analyst estimates of $49.05 million. In the same period last year, the company earned $0.58 per share. As a group, equities analysts are forecasting that Cango will report year-to-date earnings per share of -0.91.

Also Read :  Is Micron Stock A Buy Before Earnings? Consider Long-Term Outlook (NASDAQ:MU)

Analysts set new price targets

Separately, TheStreet downgraded shares of Cango from a “c” rating to a “d” rating in a report on Wednesday, September 7th.

About Cango

(received rating)

Cango Inc operates an automotive transaction service platform connecting dealers, original equipment manufacturers, financial institutions, car buyers and other industry participants in the People’s Republic of China. The Company provides automotive retail solutions including vehicle sourcing, logistics and warehouse support for dealers; and making car buying easier for car buyers.

Also Read :  Heart of Gold International Short Film Festival Returns with Over 170 Shorts

Selected items

This instant news alert was generated by MarketBeat’s narrative science technology and financial data to provide readers with the fastest, most accurate reporting. This story was reviewed by the MarketBeat editorial team before publication. Please send questions or comments about this story to [email protected]

Before you consider Cango, here’s what you should hear.

MarketBeat tracks Wall Street’s best-in-class, top-performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now, before the broader market takes hold… and Cango wasn’t on the list.

While Cango is currently rated “N/A” by analysts, top analysts believe these five stocks are better buys.

Check out the five stocks here