Cango (NYSE:CANG) Shares Gap Down – Here’s Why

Cango Inc. (NYSE:CANG) gapped down prior to trading on Friday . The stock had previously closed at $5.76, but opened at $5.45. Cango shares last traded at $4.74, with a volume of 555,460 shares trading hands.

Cango Stock Performance

The company has a market cap of $550.04 million, a price-to-earnings ratio of 29.71 and a beta of 0.79. The firm’s 50-day moving average price is $3.58 and its 200 day moving average price is $2.39.

Hedge Funds Weigh In On Cango

A hedge fund recently raised its stake in Cango stock. Acadian Asset Management LLC lifted its position in Cango Inc. (NYSE:CANG) by 48.1% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 19,922 shares of the company’s stock after buying an additional 6,467 shares during the period. Acadian Asset Management LLC’s holdings in Cango were worth $32,000 as of its most recent SEC filing. Institutional investors own 4.22% of the company’s stock.

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.