Cango (NYSE:CANG) Sees Large Volume Increase – What’s Next?

Cango Inc. (NYSE:CANG) saw strong trading volume on Wednesday . 2,985,580 shares traded hands during mid-day trading, an increase of 2,132% from the previous session’s volume of 133,786 shares.The stock last traded at $8.31 and had previously closed at $6.91.

Cango Stock Performance

The stock has a market cap of $857.18 million, a price-to-earnings ratio of 46.29 and a beta of 0.79. The business’s 50 day moving average is $3.31 and its 200 day moving average is $2.30.

Institutional Trading of Cango

A hedge fund recently raised its stake in Cango stock. Acadian Asset Management LLC lifted its holdings in shares of Cango Inc. (NYSE:CANG) by 48.1% during the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 19,922 shares of the company’s stock after purchasing an additional 6,467 shares during the period. Acadian Asset Management LLC’s holdings in Cango were worth $32,000 at the end of the most recent reporting period. Hedge funds and other 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.