Cango Inc. (NYSE:CANG – Get Free Report) was the target of a large growth in short interest in January. As of January 15th, there was short interest totalling 993,500 shares, a growth of 166.1% from the December 31st total of 373,400 shares. Approximately 1.5% of the company’s stock are short sold. Based on an average trading volume of 652,800 shares, the short-interest ratio is currently 1.5 days.
Cango Trading Up 3.0 %
Shares of NYSE CANG traded up $0.14 during mid-day trading on Thursday, reaching $4.87. The company had a trading volume of 304,990 shares, compared to its average volume of 632,926. The firm has a 50 day simple moving average of $4.73 and a two-hundred day simple moving average of $2.99. Cango has a 52-week low of $1.12 and a 52-week high of $9.66. The stock has a market cap of $530.66 million, a P/E ratio of 28.66 and a beta of 0.75.
Hedge Funds Weigh In On Cango
An institutional investor recently raised its position in Cango stock. International Assets Investment Management LLC raised its stake in Cango Inc. (NYSE:CANG – Free Report) by 99.9% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 32,485 shares of the company’s stock after purchasing an additional 16,235 shares during the quarter. International Assets Investment Management LLC’s holdings in Cango were worth $580,000 at the end of the most recent reporting period. Institutional investors and hedge funds 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.
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