Cango (NYSE:CANG) Shares Gap Down – Should You Sell?

Cango Inc. (NYSE:CANG) gapped down before the market opened on Wednesday . The stock had previously closed at $5.07, but opened at $4.85. Cango shares last traded at $4.92, with a volume of 49,149 shares.

Cango Stock Performance

The firm has a market capitalization of $507.56 million, a P/E ratio of 27.41 and a beta of 0.75. The business has a fifty day moving average of $4.39 and a 200-day moving average of $2.70.

Institutional Trading of Cango

A hedge fund recently raised its stake in Cango stock. Acadian Asset Management LLC increased its position in shares of Cango Inc. (NYSE:CANG) by 48.1% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 19,922 shares of the company’s stock after purchasing an additional 6,467 shares during the period. Acadian Asset Management LLC’s holdings in Cango were worth $32,000 at the end of the most recent quarter. 4.22% of the stock is currently owned by hedge funds and other institutional investors.

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.