Cango (NYSE:CANG) Stock Price Up 1.7% – Should You Buy?

Cango Inc. (NYSE:CANG)’s stock price rose 1.7% during mid-day trading on Tuesday . The stock traded as high as $1.80 and last traded at $1.78. Approximately 8,174 shares traded hands during trading, a decline of 84% from the average daily volume of 51,981 shares. The stock had previously closed at $1.75.

Cango Stock Performance

The firm’s 50 day simple moving average is $1.71 and its 200-day simple moving average is $1.68. The company has a market capitalization of $193.87 million, a price-to-earnings ratio of -44.50 and a beta of 0.69.

Cango (NYSE:CANG) last posted its quarterly earnings results on Thursday, August 29th. The company reported $0.10 EPS for the quarter. Cango had a net margin of 3.61% and a return on equity of 0.55%. The business had revenue of $6.20 million for the quarter.

Hedge Funds Weigh In On Cango

Institutional investors and hedge funds have recently modified their holdings of the stock. Cetera Advisors LLC bought a new stake in Cango in the first quarter worth $150,000. International Assets Investment Management LLC boosted its holdings in Cango by 99.9% in the third quarter. International Assets Investment Management LLC now owns 32,485 shares of the company’s stock worth $580,000 after purchasing an additional 16,235 shares in the last quarter. Finally, Acadian Asset Management LLC boosted its holdings in Cango by 48.1% in the second quarter. Acadian Asset Management LLC now owns 19,922 shares of the company’s stock worth $32,000 after purchasing an additional 6,467 shares in the last quarter. 4.22% of the stock is currently 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.