Cango (NYSE:CANG) Shares Gap Up – Should You Buy?

Cango Inc. (NYSE:CANG)’s share price gapped up before the market opened on Tuesday . The stock had previously closed at $4.26, but opened at $4.37. Cango shares last traded at $4.73, with a volume of 109,381 shares traded.

Cango Trading Up 7.7 %

The business has a 50 day moving average of $4.26 and a 200-day moving average of $3.51. The stock has a market cap of $499.93 million, a PE ratio of 26.85 and a beta of 0.76.

Cango (NYSE:CANG) last announced its earnings results on Thursday, March 6th. The company reported $0.07 earnings per share for the quarter. The firm had revenue of $91.52 million during the quarter. Cango had a net margin of 51.90% and a return on equity of 3.55%.

Cango declared that its Board of Directors has authorized a stock buyback plan on Thursday, March 13th that allows the company to repurchase $0.00 in shares. This repurchase authorization allows the company to repurchase shares of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board believes its stock is undervalued.

Hedge Funds Weigh In On Cango

Several institutional investors have recently added to or reduced their stakes in the business. Nomura Holdings Inc. purchased a new stake in Cango in the 4th quarter valued at about $49,000. Boothbay Fund Management LLC purchased a new stake in Cango in the fourth quarter valued at approximately $57,000. Tidal Investments LLC purchased a new stake in Cango in the fourth quarter valued at approximately $120,000. Virtu Financial LLC acquired a new position in Cango during the fourth quarter worth approximately $190,000. Finally, Millennium Management LLC purchased a new position in Cango during the fourth quarter worth approximately $232,000. 4.22% of the stock is currently owned by institutional investors and hedge funds.

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.