Cango (NYSE:CANG) Shares Gap Up – Still a Buy?

Cango Inc. (NYSE:CANG)’s stock price gapped up prior to trading on Tuesday . The stock had previously closed at $4.26, but opened at $4.37. Cango shares last traded at $4.73, with a volume of 109,381 shares changing hands.

Cango Stock Performance

The business’s 50-day moving average is $4.24 and its two-hundred day moving average is $3.53. The stock has a market capitalization of $454.73 million, a PE ratio of 24.56 and a beta of 0.76.

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

Cango declared that its board has initiated a stock repurchase program on Thursday, March 13th that permits the company to buyback $0.00 in shares. This buyback authorization permits the company to reacquire shares of its stock through open market purchases. Shares buyback programs are often a sign that the company’s leadership believes its stock is undervalued.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in CANG. Nomura Holdings Inc. purchased a new stake in Cango in the 4th quarter valued at about $49,000. Boothbay Fund Management LLC purchased a new stake in Cango in the 4th quarter valued at about $57,000. Tidal Investments LLC purchased a new stake in Cango in the 4th quarter valued at about $120,000. Virtu Financial LLC purchased a new stake in Cango in the 4th quarter valued at about $190,000. Finally, Millennium Management LLC purchased a new stake in Cango in the 4th quarter valued at about $232,000. 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.