Cango (NYSE:CANG) Sees Strong Trading Volume – Still a Buy?

Shares of Cango Inc. (NYSE:CANG) saw unusually-high trading volume on Tuesday . Approximately 252,437 shares were traded during trading, an increase of 44% from the previous session’s volume of 175,118 shares.The stock last traded at $5.14 and had previously closed at $4.85.

Cango Price Performance

The company has a market cap of $546.77 million, a price-to-earnings ratio of 29.53 and a beta of 0.79. The firm has a 50-day moving average price of $3.71 and a 200 day moving average price of $2.44.

Institutional Investors Weigh In On Cango

A hedge fund recently raised its stake in Cango stock. International Assets Investment Management LLC raised its holdings in Cango Inc. (NYSE:CANG) by 99.9% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 32,485 shares of the company’s stock after purchasing an additional 16,235 shares during the period. International Assets Investment Management LLC’s holdings in Cango were worth $580,000 at the end of the most recent quarter. 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.