Cango (NYSE:CANG) Shares Gap Up – Time to Buy?

Cango Inc. (NYSE:CANG) shares gapped up prior to trading on Tuesday . The stock had previously closed at $5.49, but opened at $6.45. Cango shares last traded at $5.55, with a volume of 1,550,839 shares trading hands.

Cango Trading Up 15.8 %

The company has a market cap of $871.34 million, a PE ratio of 47.06 and a beta of 0.79. The business has a 50 day simple moving average of $3.44 and a two-hundred day simple moving average of $2.34.

Institutional Inflows and Outflows

An institutional investor recently raised its position in Cango stock. International Assets Investment Management LLC grew its stake in shares of Cango Inc. (NYSE:CANG) by 99.9% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 32,485 shares of the company’s stock after buying an additional 16,235 shares during the period. International Assets Investment Management LLC’s holdings in Cango were worth $580,000 as of its most recent SEC filing. Institutional investors and hedge funds own 4.22% of the company’s stock.

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.