Shares of Cango Inc. (NYSE:CANG - Get Free Report) saw unusually-strong trading volume on Wednesday . Approximately 338,349 shares changed hands during mid-day trading, a decline of 12% from the previous session's volume of 382,689 shares.The stock last traded at $5.21 and had previously closed at $4.93.
Cango Price Performance
The stock has a 50-day moving average of $4.15 and a 200-day moving average of $4.32. The firm has a market cap of $526.18 million, a price-to-earnings ratio of 29.82 and a beta of 0.66.
Cango (NYSE:CANG - Get Free Report) last issued its earnings results on Thursday, March 6th. The company reported $0.07 EPS for the quarter. Cango had a return on equity of 3.55% and a net margin of 51.90%. The firm had revenue of $91.52 million during the quarter.
Cango announced that its Board of Directors has approved a share repurchase program on Thursday, March 13th that authorizes the company to buyback $0.00 in shares. This buyback authorization authorizes the company to purchase shares of its stock through open market purchases. Shares buyback programs are often a sign that the company's board believes its stock is undervalued.
Institutional Trading of Cango
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Nomura Holdings Inc. purchased a new position in shares of Cango in the 4th quarter worth approximately $49,000. Boothbay Fund Management LLC bought a new position in shares of Cango in the fourth quarter worth $57,000. Tidal Investments LLC purchased a new position in shares of Cango in the fourth quarter valued at $120,000. Virtu Financial LLC bought a new stake in shares of Cango during the fourth quarter valued at about $190,000. Finally, Millennium Management LLC purchased a new position in shares of Cango during the 4th quarter valued at $232,000. 4.22% of the stock is owned by institutional investors.
About Cango
(
Get Free Report)
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.
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