Cango (NYSE:CANG) Sees Strong Trading Volume – Time to Buy?

Cango Inc. (NYSE:CANG) shares saw strong trading volume on Tuesday . 252,437 shares changed hands during mid-day trading, an increase of 44% from the previous session’s volume of 175,118 shares.The stock last traded at $5.14 and had previously closed at $4.85.

Cango Stock Performance

The company has a market cap of $546.77 million, a P/E ratio of 29.53 and a beta of 0.79. The stock’s fifty day moving average price is $3.71 and its two-hundred day moving average price is $2.44.

Institutional Investors Weigh In On Cango

A hedge fund recently raised its stake in Cango stock. International Assets Investment Management LLC increased its holdings in shares of Cango Inc. (NYSE:CANG) by 99.9% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 32,485 shares of the company’s stock after buying 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. 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.