Cango (NYSE:CANG) Stock Price Down 8.1% – Here’s Why

Cango Inc. (NYSE:CANG)’s share price dropped 8.1% on Thursday . The stock traded as low as $7.32 and last traded at $7.35. Approximately 586,889 shares changed hands during trading, an increase of 283% from the average daily volume of 153,388 shares. The stock had previously closed at $8.00.

Cango Stock Down 12.3 %

The business’s 50 day moving average is $3.58 and its two-hundred day moving average is $2.38. The firm has a market capitalization of $550.04 million, a P/E ratio of 29.71 and a beta of 0.79.

Institutional Trading of Cango

A hedge fund recently raised its stake in Cango stock. Acadian Asset Management LLC raised its stake in shares of Cango Inc. (NYSE:CANG) by 48.1% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 19,922 shares of the company’s stock after buying an additional 6,467 shares during the period. Acadian Asset Management LLC’s holdings in Cango were worth $32,000 as of its most recent SEC filing. 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.