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

Cango Inc. (NYSE:CANG)’s stock price gapped up before the market opened on Monday . The stock had previously closed at $5.05, but opened at $5.50. Cango shares last traded at $4.97, with a volume of 371,132 shares traded.

Cango Stock Performance

The stock has a market cap of $546.77 million, a price-to-earnings ratio of 29.53 and a beta of 0.79. The firm’s 50-day simple moving average is $3.64 and its two-hundred day simple moving average is $2.42.

Institutional Investors Weigh In On Cango

A hedge fund recently raised its stake in Cango stock. International Assets Investment Management LLC boosted its position in shares of Cango Inc. (NYSE:CANG) by 99.9% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 32,485 shares of the company’s stock after purchasing an additional 16,235 shares during the quarter. International Assets Investment Management LLC’s holdings in Cango were worth $580,000 as of its most recent filing with the Securities and Exchange Commission. 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.