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

Cango Inc. (NYSE:CANG) was the recipient of a significant growth in short interest in the month of October. As of October 15th, there was short interest totalling 7,800 shares, a growth of 143.8% from the September 30th total of 3,200 shares. Based on an average trading volume of 43,300 shares, the days-to-cover ratio is presently 0.2 days. Currently, 0.0% of the company’s shares are sold short.

Cango Trading Up 17.5 %

Cango stock opened at $2.22 on Monday. The firm has a market cap of $241.80 million, a P/E ratio of -55.50 and a beta of 0.69. Cango has a 1-year low of $0.92 and a 1-year high of $2.25. The firm has a 50-day moving average of $1.73 and a 200-day moving average of $1.69.

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

Institutional Trading of Cango

Several large investors have recently bought and sold shares of the company. Acadian Asset Management LLC lifted its stake in Cango by 48.1% during the 2nd quarter. Acadian Asset Management LLC now owns 19,922 shares of the company’s stock valued at $32,000 after acquiring an additional 6,467 shares during the period. International Assets Investment Management LLC lifted its stake in shares of Cango by 99.9% during the 3rd 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, Cetera Advisors LLC bought a new stake in Cango during the first quarter valued at about $150,000. 4.22% of the stock is owned by 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.