Cango (NYSE:CANG) Shares Gap Up – What’s Next?

Shares of Cango Inc. (NYSE:CANG) gapped up prior to trading on Tuesday . The stock had previously closed at $5.49, but opened at $6.45. Cango shares last traded at $5.55, with a volume of 1,550,839 shares changing hands.

Cango Stock Performance

The company’s 50-day simple moving average is $3.14 and its 200-day simple moving average is $2.23. The company has a market capitalization of $662.22 million, a PE ratio of 35.29 and a beta of 0.79.

Institutional Trading of Cango

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Acadian Asset Management LLC increased its holdings 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 valued at $32,000 after purchasing an additional 6,467 shares during the period. International Assets Investment Management LLC boosted its position in shares of Cango by 99.9% in the 3rd 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 in the last quarter. Finally, Cetera Advisors LLC acquired a new position in Cango during the first quarter worth about $150,000. 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.