Cango Inc. (NYSE:CANG) Sees Large Increase in Short Interest

Cango Inc. (NYSE:CANG) saw a significant increase in short interest during the month of December. As of December 31st, there was short interest totalling 993,500 shares, an increase of 166.1% from the December 15th total of 373,400 shares. Approximately 1.5% of the company’s stock are sold short. Based on an average daily volume of 652,800 shares, the short-interest ratio is currently 1.5 days.

Cango Stock Up 2.3 %

CANG traded up $0.10 during trading on Tuesday, hitting $4.37. 271,058 shares of the company traded hands, compared to its average volume of 937,871. The firm has a market cap of $475.97 million, a P/E ratio of 25.71 and a beta of 0.75. Cango has a one year low of $1.02 and a one year high of $9.66. The stock’s fifty day moving average is $4.46 and its 200 day moving average is $2.75.

Hedge Funds Weigh In On Cango

A hedge fund recently raised its stake in Cango stock. International Assets Investment Management LLC increased its position in Cango Inc. (NYSE:CANG) by 99.9% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm 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 at the end of the most recent quarter. 4.22% of the stock is owned by hedge funds and other 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.