Cango (NYSE:CANG) Shares Down 6.5% – What’s Next?

Cango Inc. (NYSE:CANG)’s stock price dropped 6.5% on Friday . The stock traded as low as $4.83 and last traded at $4.86. Approximately 199,450 shares were traded during trading, an increase of 12% from the average daily volume of 178,389 shares. The stock had previously closed at $5.20.

Cango Trading Down 9.4 %

The firm has a market capitalization of $513.00 million, a P/E ratio of 27.71 and a beta of 0.79. The business has a 50 day moving average of $3.85 and a 200-day moving average of $2.48.

Institutional Investors Weigh In On Cango

An institutional investor recently raised its position in Cango stock. International Assets Investment Management LLC boosted its position in shares of Cango Inc. (NYSE:CANG) by 99.9% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor 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 reporting period. 4.22% of the stock is currently owned by institutional investors and hedge funds.

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.