Cango (NYSE:CANG) Shares Gap Down – Here’s What Happened

Shares of Cango Inc. (NYSE:CANG) gapped down prior to trading on Wednesday . The stock had previously closed at $5.07, but opened at $4.85. Cango shares last traded at $4.92, with a volume of 49,149 shares trading hands.

Cango Stock Performance

The business’s fifty day simple moving average is $4.30 and its 200 day simple moving average is $2.67. The stock has a market cap of $517.36 million, a price-to-earnings ratio of 27.94 and a beta of 0.75.

Hedge Funds Weigh In On Cango

A hedge fund recently raised its stake in Cango stock. International Assets Investment Management LLC lifted its stake in shares of Cango Inc. (NYSE:CANG) by 99.9% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 32,485 shares of the company’s stock after purchasing an additional 16,235 shares during the quarter. International Assets Investment Management LLC’s holdings in Cango were worth $580,000 as of its most recent filing with the Securities and Exchange Commission. 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.