Cango Inc. (NYSE:CANG) Short Interest Down 16.3% in February

Cango Inc. (NYSE:CANG) saw a significant decline in short interest during the month of February. As of February 28th, there was short interest totalling 1,080,000 shares, a decline of 16.3% from the February 13th total of 1,290,000 shares. Based on an average daily trading volume, of 696,300 shares, the short-interest ratio is presently 1.6 days. Approximately 1.6% of the company’s stock are short sold.

Cango Stock Performance

Shares of NYSE CANG traded down $0.49 during mid-day trading on Wednesday, reaching $4.18. 574,907 shares of the company traded hands, compared to its average volume of 270,453. The company’s fifty day moving average is $4.26 and its two-hundred day moving average is $3.53. Cango has a fifty-two week low of $1.32 and a fifty-two week high of $9.66. The stock has a market cap of $454.73 million, a PE ratio of 24.56 and a beta of 0.76.

Cango (NYSE:CANG) last posted its quarterly earnings data on Thursday, March 6th. The company reported $0.07 earnings per share (EPS) for the quarter. The business had revenue of $91.52 million during the quarter. Cango had a net margin of 51.90% and a return on equity of 3.55%.

Cango declared that its board has approved a share repurchase program on Thursday, March 13th that allows the company to repurchase $0.00 in outstanding shares. This repurchase authorization allows the company to purchase shares of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its stock is undervalued.

Hedge Funds Weigh In On Cango

Several large investors have recently made changes to their positions in CANG. Tidal Investments LLC acquired a new position in shares of Cango during the fourth quarter worth approximately $120,000. Nomura Holdings Inc. bought a new position in Cango during the fourth quarter worth $49,000. Millennium Management LLC acquired a new position in Cango during the 4th quarter valued at $232,000. Electron Capital Partners LLC bought a new stake in Cango in the 4th quarter valued at $5,895,000. Finally, Boothbay Fund Management LLC acquired a new stake in Cango in the 4th quarter worth $57,000. 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.