Cango (NYSE:CANG) Trading Up 9.1% – Here’s Why

Cango Inc. (NYSE:CANG)’s share price was up 9.1% during mid-day trading on Tuesday . The stock traded as high as $4.76 and last traded at $4.66. Approximately 53,313 shares were traded during trading, a decline of 94% from the average daily volume of 907,524 shares. The stock had previously closed at $4.27.

Cango Stock Down 3.5 %

The firm’s fifty day moving average price is $4.52 and its 200 day moving average price is $2.78. The stock has a market cap of $485.67 million, a PE ratio of 26.23 and a beta of 0.75.

Institutional Inflows and Outflows

A hedge fund recently raised its stake in Cango stock. International Assets Investment Management LLC raised its position 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 (SEC). The institutional investor 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 as of its most recent SEC filing. 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.