Cango (NYSE:CANG) Shares Gap Down – Should You Sell?

Cango Inc. (NYSE:CANG) gapped down prior to trading on Monday . The stock had previously closed at $4.92, but opened at $4.69. Cango shares last traded at $4.62, with a volume of 336,378 shares traded.

Cango Price Performance

The company has a fifty day moving average of $3.91 and a 200-day moving average of $2.51. The firm has a market capitalization of $503.20 million, a PE ratio of 27.18 and a beta of 0.79.

Institutional Investors Weigh In On Cango

A hedge fund recently raised its stake in Cango stock. Acadian Asset Management LLC lifted its stake in shares of Cango Inc. (NYSE:CANG) by 48.1% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 19,922 shares of the company’s stock after acquiring an additional 6,467 shares during the quarter. Acadian Asset Management LLC’s holdings in Cango were worth $32,000 as of its most recent filing with the SEC. 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.