Cango (NYSE:CANG) Reaches New 1-Year High – Should You Buy?

Cango Inc. (NYSE:CANG)’s share price reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $4.63 and last traded at $4.63, with a volume of 606685 shares changing hands. The stock had previously closed at $4.14.

Cango Stock Up 12.8 %

The firm has a fifty day moving average of $2.60 and a 200-day moving average of $2.03. The firm has a market cap of $508.65 million, a P/E ratio of 26.00 and a beta of 0.63.

Cango (NYSE:CANG) last released its earnings results on Thursday, August 29th. The company reported $0.10 earnings per share for the quarter. Cango had a return on equity of 3.55% and a net margin of 51.90%. The firm had revenue of $6.20 million for the quarter.

Hedge Funds Weigh In On Cango

Several hedge funds have recently added to or reduced their stakes in the stock. Cetera Advisors LLC acquired a new stake in shares of Cango during the first quarter worth about $150,000. International Assets Investment Management LLC raised its position in shares of Cango by 99.9% during the third quarter. International Assets Investment Management LLC now owns 32,485 shares of the company’s stock worth $580,000 after purchasing an additional 16,235 shares during the period. Finally, Acadian Asset Management LLC raised its position in shares of Cango by 48.1% during the second quarter. Acadian Asset Management LLC now owns 19,922 shares of the company’s stock worth $32,000 after purchasing an additional 6,467 shares during the period. Institutional investors and hedge funds own 4.22% of the company’s stock.

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.