Cango (NYSE:CANG) Shares Gap Down – Time to Sell?

Shares of Cango Inc. (NYSE:CANG) gapped down before the market opened on Wednesday . The stock had previously closed at $5.07, but opened at $4.85. Cango shares last traded at $4.92, with a volume of 49,149 shares trading hands.

Cango Price Performance

The business has a fifty day moving average of $4.39 and a 200-day moving average of $2.70. The stock has a market capitalization of $507.56 million, a price-to-earnings ratio of 27.41 and a beta of 0.75.

Institutional Trading of Cango

An institutional investor recently raised its position in Cango stock. Acadian Asset Management LLC grew its stake in shares of Cango Inc. (NYSE:CANG) by 48.1% in the second quarter, according to its most recent filing with the SEC. The fund owned 19,922 shares of the company’s stock after acquiring an additional 6,467 shares during the period. Acadian Asset Management LLC’s holdings in Cango were worth $32,000 at the end of the most recent reporting period. 4.22% of the stock is owned by institutional investors and hedge funds.

Cango Company Profile

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.