Cango (NYSE:CANG) Stock Price Up 9.1% – What’s Next?

Cango Inc. (NYSE:CANG)’s share price shot up 9.1% during mid-day trading on Tuesday . The company traded as high as $4.76 and last traded at $4.66. 53,313 shares traded hands during trading, a decline of 94% from the average session volume of 907,524 shares. The stock had previously closed at $4.27.

Cango Price Performance

The firm has a market cap of $485.67 million, a P/E ratio of 26.23 and a beta of 0.75. The company’s 50-day simple moving average is $4.52 and its 200 day simple moving average is $2.78.

Institutional Inflows and Outflows

An institutional investor recently raised its position in Cango stock. Acadian Asset Management LLC lifted its stake in Cango Inc. (NYSE:CANG) by 48.1% in the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 19,922 shares of the company’s stock after purchasing an additional 6,467 shares during the quarter. Acadian Asset Management LLC’s holdings in Cango were worth $32,000 at the end of the most recent reporting period. Hedge funds and other institutional investors own 4.22% of the company’s stock.

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.