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

Cango Inc. (NYSE:CANG)’s share price gapped down prior to trading on Monday . The stock had previously closed at $4.92, but opened at $4.69. Cango shares last traded at $4.62, with a volume of 336,378 shares traded.

Cango Price Performance

The business’s fifty day moving average price is $4.02 and its 200-day moving average price is $2.55. The stock has a market capitalization of $479.24 million, a PE ratio of 25.88 and a beta of 0.79.

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% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 32,485 shares of the company’s stock after acquiring 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 reporting period. 4.22% of the stock is currently owned by hedge funds and other institutional investors.

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.