Cango (NYSE:CANG) Sees Strong Trading Volume – Here’s What Happened

Cango Inc. (NYSE:CANG) saw unusually-high trading volume on Wednesday . Approximately 2,985,580 shares changed hands during mid-day trading, an increase of 2,132% from the previous session’s volume of 133,786 shares.The stock last traded at $8.31 and had previously closed at $6.91.

Cango Stock Down 28.0 %

The business has a 50 day moving average price of $3.52 and a two-hundred day moving average price of $2.36. The stock has a market cap of $627.37 million, a P/E ratio of 33.88 and a beta of 0.79.

Institutional Trading of Cango

A hedge fund recently raised its stake in Cango stock. International Assets Investment Management LLC lifted its holdings in Cango Inc. (NYSE:CANG) by 99.9% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 32,485 shares of the company’s stock after purchasing an additional 16,235 shares during the period. International Assets Investment Management LLC’s holdings in Cango were worth $580,000 at the end of the most recent quarter. 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.