Cango (NYSE:CANG) Shares Gap Up – What’s Next?

Cango Inc. (NYSE:CANG)’s share price gapped up prior to trading on Thursday . The stock had previously closed at $4.40, but opened at $4.85. Cango shares last traded at $4.90, with a volume of 172,155 shares traded.

Cango Stock Up 13.6 %

The business’s 50-day moving average price is $4.07 and its 200 day moving average price is $2.56. The company has a market capitalization of $544.59 million, a P/E ratio of 29.41 and a beta of 0.79.

Institutional Investors Weigh In On Cango

An institutional investor recently raised its position in Cango stock. Acadian Asset Management LLC grew its stake 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 and Exchange Commission (SEC). 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 at the end of the most recent reporting period. 4.22% of the stock is currently owned by hedge funds and other institutional investors.

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.