Cango (NYSE:CANG) Shares Gap Up – What’s Next?

Shares of Cango Inc. (NYSE:CANG) gapped up before the market opened on Thursday . The stock had previously closed at $4.40, but opened at $4.85. Cango shares last traded at $4.90, with a volume of 172,155 shares.

Cango Price Performance

The firm has a 50 day moving average price of $4.19 and a 200-day moving average price of $2.61. The firm has a market cap of $571.82 million, a price-to-earnings ratio of 30.88 and a beta of 0.79.

Hedge Funds Weigh In On Cango

A hedge fund recently raised its stake in Cango stock. International Assets Investment Management LLC raised its stake in shares of Cango Inc. (NYSE:CANG) by 99.9% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 32,485 shares of the company’s stock after buying 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 reporting period. Institutional investors and hedge funds own 4.22% of the company’s stock.

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.