Short Interest in Cango Inc. (NYSE:CANG) Rises By 143.8%

Cango Inc. (NYSE:CANG) was the recipient of a significant increase in short interest in October. As of October 15th, there was short interest totalling 7,800 shares, an increase of 143.8% from the September 30th total of 3,200 shares. Based on an average daily volume of 43,300 shares, the short-interest ratio is presently 0.2 days. Currently, 0.0% of the shares of the stock are sold short.

Cango Stock Performance

NYSE CANG traded up $0.33 on Friday, reaching $2.22. The company’s stock had a trading volume of 412,382 shares, compared to its average volume of 53,784. The firm’s 50 day moving average is $1.73 and its two-hundred day moving average is $1.69. The stock has a market cap of $241.80 million, a PE ratio of -55.50 and a beta of 0.69. Cango has a twelve month low of $0.92 and a twelve month high of $2.25.

Cango (NYSE:CANG) last announced its quarterly earnings data on Thursday, August 29th. The company reported $0.10 EPS for the quarter. The company had revenue of $6.20 million during the quarter. Cango had a return on equity of 0.55% and a net margin of 3.61%.

Institutional Investors Weigh In On Cango

Several hedge funds have recently made changes to their positions in the company. Acadian Asset Management LLC lifted its stake in Cango by 48.1% in the 2nd quarter. Acadian Asset Management LLC now owns 19,922 shares of the company’s stock worth $32,000 after acquiring an additional 6,467 shares in the last quarter. International Assets Investment Management LLC increased its holdings in shares of Cango by 99.9% in the 3rd quarter. International Assets Investment Management LLC now owns 32,485 shares of the company’s stock valued at $580,000 after purchasing an additional 16,235 shares during the period. Finally, Cetera Advisors LLC purchased a new stake in shares of Cango in the first quarter worth approximately $150,000. Hedge funds and other institutional investors own 4.22% of the company’s stock.

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.