Shares of Cango Inc. (CANG) are soaring 5.07% in pre-market trading on Friday, following a positive analyst action. The stock's upward movement comes after HC Wainwright & Co. maintained its price target for Cango at $8.00 per share.

The maintained price target suggests potential upside for the stock, which likely contributed to the investor optimism reflected in the pre-market surge. Analyst ratings and price targets often serve as important indicators for investors, influencing their buy, hold, or sell decisions.

While the specific reasons behind HC Wainwright's decision to maintain its price target were not provided in the available news, such actions typically reflect an analyst's continued confidence in a company's future prospects. Investors will be watching closely to see if Cango can maintain this momentum as the regular trading session begins and throughout the day.