Cango (NYSE:CANG) Stock Price Up 1.7% – Here’s Why

Cango Inc. (NYSE:CANG)’s share price shot up 1.7% during mid-day trading on Tuesday . The stock traded as high as $1.80 and last traded at $1.78. 8,174 shares traded hands during trading, a decline of 84% from the average session volume of 51,981 shares. The stock had previously closed at $1.75.

Cango Stock Up 5.0 %

The firm has a market capitalization of $205.86 million, a P/E ratio of -45.00 and a beta of 0.69. The firm’s 50-day simple moving average is $1.72 and its 200-day simple moving average is $1.68.

Cango (NYSE:CANG) last posted its quarterly earnings results on Thursday, August 29th. The company reported $0.10 EPS for the quarter. The firm had revenue of $6.20 million for the quarter. Cango had a net margin of 3.61% and a return on equity of 0.55%.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. Cetera Advisors LLC purchased a new position in shares of Cango during the first quarter worth approximately $150,000. International Assets Investment Management LLC increased its stake in shares of Cango by 99.9% in the third quarter. International Assets Investment Management LLC now owns 32,485 shares of the company’s stock worth $580,000 after buying an additional 16,235 shares during the period. Finally, Acadian Asset Management LLC increased its stake in shares of Cango by 48.1% in the second quarter. Acadian Asset Management LLC now owns 19,922 shares of the company’s stock worth $32,000 after buying an additional 6,467 shares during the period. 4.22% of the stock is 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.