Cango Inc. Sponsored ADR (NYSE:CANG - Get Free Report) saw strong trading volume on Friday . 712,658 shares were traded during trading, an increase of 95% from the previous session's volume of 365,911 shares.The stock last traded at $5.54 and had previously closed at $5.39.
Cango Price Performance
The stock has a market capitalization of $537.58 million, a PE ratio of -258.87 and a beta of 0.70. The company has a 50-day moving average of $4.66 and a two-hundred day moving average of $4.36.
Cango declared that its Board of Directors has approved a share buyback plan on Thursday, March 13th that authorizes the company to buyback $0.00 in outstanding shares. This buyback authorization authorizes the company to buy shares of its stock through open market purchases. Shares buyback plans are often an indication that the company's board believes its stock is undervalued.
Hedge Funds Weigh In On Cango
Large investors have recently added to or reduced their stakes in the company. Nomura Holdings Inc. bought a new position in Cango in the 4th quarter valued at $49,000. Boothbay Fund Management LLC bought a new position in Cango during the fourth quarter worth about $57,000. Tidal Investments LLC bought a new stake in shares of Cango during the fourth quarter worth approximately $120,000. Virtu Financial LLC bought a new stake in shares of Cango in the fourth quarter valued at approximately $190,000. Finally, Millennium Management LLC acquired a new position in shares of Cango during the fourth quarter worth $232,000. Institutional investors and hedge funds own 4.22% of the company's stock.
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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