Cango (NYSE:CANG) Sees Strong Trading Volume – What’s Next?

Cango Inc. (NYSE:CANG) shares saw unusually-high trading volume on Wednesday . Approximately 2,985,580 shares changed hands during mid-day trading, an increase of 2,132% from the previous session’s volume of 133,786 shares.The stock last traded at $8.31 and had previously closed at $6.91.

Cango Stock Up 13.9 %

The company has a market cap of $857.18 million, a price-to-earnings ratio of 46.29 and a beta of 0.79. The firm has a 50 day moving average price of $3.31 and a two-hundred day moving average price of $2.30.

Institutional Inflows and Outflows

An institutional investor recently raised its position in Cango stock. International Assets Investment Management LLC lifted its holdings in shares of Cango Inc. (NYSE:CANG) by 99.9% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 32,485 shares of the company’s stock after acquiring an additional 16,235 shares during the quarter. International Assets Investment Management LLC’s holdings in Cango were worth $580,000 at the end of the most recent quarter. Institutional investors own 4.22% of the company’s stock.

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.