Cango (NYSE:CANG) Sees Unusually-High Trading Volume – Should You Buy?

Cango Inc. (NYSE:CANG) shares saw unusually-high trading volume on Monday . Approximately 282,950 shares traded hands during mid-day trading, an increase of 181% from the previous session’s volume of 100,640 shares.The stock last traded at $4.67 and had previously closed at $4.57.

Cango Stock Performance

The firm has a 50 day simple moving average of $2.98 and a two-hundred day simple moving average of $2.17. The stock has a market cap of $489.04 million, a P/E ratio of 26.41 and a beta of 0.79.

Hedge Funds Weigh In On Cango

Several large investors have recently bought and sold shares of CANG. Cetera Advisors LLC acquired a new position in shares of Cango during the 1st quarter valued at $150,000. International Assets Investment Management LLC boosted its stake in Cango by 99.9% during the third quarter. International Assets Investment Management LLC now owns 32,485 shares of the company’s stock valued at $580,000 after buying an additional 16,235 shares in the last quarter. Finally, Acadian Asset Management LLC grew its holdings in 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 acquiring an additional 6,467 shares during the period. Institutional investors and hedge funds own 4.22% of the company’s stock.

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.