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

Cango Inc. (NYSE:CANG) gapped up prior to trading on Monday . The stock had previously closed at $5.05, but opened at $5.50. Cango shares last traded at $4.97, with a volume of 371,132 shares trading hands.

Cango Stock Down 3.8 %

The stock has a market cap of $529.34 million, a price-to-earnings ratio of 28.59 and a beta of 0.79. The business’s fifty day moving average is $3.58 and its two-hundred day moving average is $2.40.

Hedge Funds Weigh In On Cango

An institutional investor recently raised its position in Cango stock. Acadian Asset Management LLC boosted its position in shares of Cango Inc. (NYSE:CANG) by 48.1% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 19,922 shares of the company’s stock after acquiring 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. Institutional investors 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.