Cango (NYSE:CANG) Hits New 1-Year High – Still a Buy?

Cango Inc. (NYSE:CANG) hit a new 52-week high during mid-day trading on Monday . The company traded as high as $5.16 and last traded at $5.14, with a volume of 421791 shares traded. The stock had previously closed at $4.46.

Cango Stock Performance

The company has a market capitalization of $567.46 million, a P/E ratio of 28.06 and a beta of 0.79. The stock’s 50 day moving average price is $3.14 and its 200 day moving average price is $2.23.

Institutional Trading of Cango

Several large investors have recently made changes to their positions in CANG. Cetera Advisors LLC acquired a new position in Cango during the 1st quarter valued at about $150,000. International Assets Investment Management LLC raised its position in Cango by 99.9% in the 3rd quarter. International Assets Investment Management LLC now owns 32,485 shares of the company’s stock valued at $580,000 after buying an additional 16,235 shares during the last quarter. Finally, Acadian Asset Management LLC lifted its stake in Cango by 48.1% during the 2nd quarter. Acadian Asset Management LLC now owns 19,922 shares of the company’s stock valued at $32,000 after acquiring an additional 6,467 shares in the last quarter. 4.22% of the stock is currently owned by institutional investors and hedge funds.

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.