Cango (NYSE:CANG) Stock Price Up 8.3% – Here’s Why

Cango Inc. (NYSE:CANG) shares rose 8.3% during trading on Friday . The stock traded as high as $5.17 and last traded at $5.15. 111,578 shares changed hands during trading, a decline of 83% from the average daily volume of 664,744 shares. The stock had previously closed at $4.76.

Cango Stock Performance

The business has a 50-day simple moving average of $4.62 and a two-hundred day simple moving average of $2.88. The company has a market capitalization of $569.43 million, a price-to-earnings ratio of 30.74 and a beta of 0.75.

Institutional Investors Weigh In On Cango

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 third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 32,485 shares of the company’s stock after acquiring an additional 16,235 shares during the period. International Assets Investment Management LLC’s holdings in Cango were worth $580,000 at the end of the most recent reporting period. 4.22% of the stock is owned by hedge funds and other institutional investors.

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.