Cango Inc. (NYSE:CANG) Sees Significant Growth in Short Interest

Cango Inc. (NYSE:CANG) was the recipient of a large increase in short interest in the month of November. As of November 15th, there was short interest totalling 97,900 shares, an increase of 2,075.6% from the October 31st total of 4,500 shares. Currently, 0.2% of the shares of the company are short sold. Based on an average trading volume of 184,000 shares, the short-interest ratio is presently 0.5 days.

Hedge Funds Weigh In On Cango

Large investors have recently added to or reduced their stakes in the company. International Assets Investment Management LLC raised its position in shares of Cango by 99.9% during the 3rd quarter. International Assets Investment Management LLC now owns 32,485 shares of the company’s stock valued at $580,000 after purchasing an additional 16,235 shares during the period. Acadian Asset Management LLC increased its stake in Cango by 48.1% in the 2nd quarter. Acadian Asset Management LLC now owns 19,922 shares of the company’s stock worth $32,000 after buying an additional 6,467 shares in the last quarter. Finally, Cetera Advisors LLC bought a new stake in Cango during the first quarter valued at about $150,000. Hedge funds and other institutional investors own 4.22% of the company’s stock.

Cango Stock Performance

Shares of Cango stock opened at $4.08 on Thursday. The stock’s fifty day moving average is $2.45 and its 200 day moving average is $1.98. Cango has a one year low of $0.92 and a one year high of $4.21. The stock has a market cap of $444.39 million, a P/E ratio of 24.47 and a beta of 0.63.

Cango (NYSE:CANG) last posted its quarterly earnings data on Thursday, August 29th. The company reported $0.10 earnings per share for the quarter. The firm had revenue of $6.20 million for the quarter. Cango had a return on equity of 3.55% and a net margin of 51.90%.

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.