Cango (NYSE:CANG) Trading Up 8.3% – Should You Buy?

Cango Inc. (NYSE:CANG) shot up 8.3% during trading on Friday . The company traded as high as $5.17 and last traded at $5.15. 111,578 shares changed hands during trading, a decline of 83% from the average session volume of 664,744 shares. The stock had previously closed at $4.76.

Cango Price Performance

The business’s 50-day moving average price is $4.62 and its two-hundred day moving average price is $2.88. The firm has a market cap of $569.43 million, a price-to-earnings ratio of 30.74 and a beta of 0.75.

Institutional Trading of Cango

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% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor 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 as of its most recent filing with the Securities and Exchange Commission. 4.22% of the stock is owned by institutional investors.

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.