HC Wainwright Issues Pessimistic Forecast for Cango (NYSE:CANG) Stock Price

Cango (NYSE:CANG - Get Free Report) had its price objective lowered by HC Wainwright from $8.00 to $3.00 in a report issued on Thursday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. HC Wainwright's price target indicates a potential upside of 137.15% from the stock's current price.Separately, Weiss Ratings restated a "sell (d)" rating on shares of Cango in a research note on Wednesday, October 8th. One investment analyst has rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $3.00.View Our Latest Research Report on CANGCango Trading Down 0.4%Cango stock traded down $0.01 during trading hours on Thursday, reaching $1.27. 630,051 shares of the stock were exchanged, compared to its average volume of 817,633. Cango has a twelve month low of $1.16 and a twelve month high of $2.10. The company has a market cap of $131.28 million, a P/E ratio of -0.46 and a beta of 0.33. The stock has a 50 day moving average of $3.37 and a two-hundred day moving average of $4.31. Cango (NYSE:CANG - Get Free Report) last issued its quarterly earnings results on Monday, December 1st. The company reported $0.19 earnings per share for the quarter, topping analysts' consensus estimates of ($0.20) by $0.39. The company had revenue of $223.10 million during the quarter, compared to the consensus estimate of $1.20 billion. Cango had a negative net margin of 46.40% and a positive return on equity of 2.40%. Hedge Funds Weigh In On CangoSeveral institutional investors and hedge funds have recently added to or reduced their stakes in CANG. Cetera Investment Advisers grew its stake in shares of Cango by 102.0% during the first quarter. Cetera Investment Advisers now owns 115,361 shares of the company's stock worth $437,000 after buying an additional 58,240 shares during the last quarter. Invesco Ltd. bought a new position in shares of Cango in the 1st quarter valued at $343,000. Cubist Systematic Strategies LLC acquired a new stake in shares of Cango during the 1st quarter valued at $243,000. BNP Paribas Financial Markets grew its position in Cango by 34.5% during the 3rd quarter. BNP Paribas Financial Markets now owns 15,923 shares of the company's stock worth $68,000 after acquiring an additional 4,082 shares during the last quarter. Finally, Jump Financial LLC acquired a new position in Cango in the 2nd quarter worth about $246,000. Institutional investors own 4.22% of the company's stock. About Cango (Get Free Report)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.Recommended StoriesFive stocks we like better than CangoConsumer Staples Stocks, ExplainedInvestors Were Dead Wrong About Box—This AI-Driven Comeback Just Proved ItHow to Effectively Use the MarketBeat Ratings ScreenerCan Alibaba’s Big Bets Pay Off After a Breakout Year?How to Know Which Cryptocurrency to Buy: A Guide for InvestorsHow Accenture's OpenAI Partnership Turns AI Hype Into ProfitsThis instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.Should You Invest $1,000 in Cango Right Now?Before you consider Cango, you'll want to hear this.MarketBeat keeps track of Wall Street's top-rated and best 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 catches on... and Cango wasn't on the list.While Cango currently has a Hold rating among analysts, top-rated analysts believe these five stocks are better buys.View The Five Stocks Here