Cango Inc. (NYSE:CANG - Get Free Report)'s stock price dropped 3.7% during mid-day trading on Thursday . The stock traded as low as $5.00 and last traded at $5.05. Approximately 193,190 shares were traded during mid-day trading, a decline of 40% from the average daily volume of 322,315 shares. The stock had previously closed at $5.24.
Cango Price Performance
The firm has a market capitalization of $539.67 million, a PE ratio of 30.59 and a beta of 0.66. The firm has a 50-day simple moving average of $4.18 and a 200-day simple moving average of $4.33.
Cango (NYSE:CANG - Get Free Report) last posted its quarterly earnings data on Thursday, March 6th. The company reported $0.07 earnings per share 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 for the quarter.
Cango declared that its board has approved a stock repurchase program on Thursday, March 13th that authorizes the company to repurchase $0.00 in outstanding shares. This repurchase authorization authorizes the company to buy shares of its stock through open market purchases. Shares repurchase programs are typically a sign that the company's board believes its shares are undervalued.
Hedge Funds Weigh In On Cango
Hedge funds have recently modified their holdings of the stock. Nomura Holdings Inc. purchased a new stake in Cango in the 4th quarter worth $49,000. Boothbay Fund Management LLC purchased a new stake in Cango in the 4th quarter worth $57,000. Tidal Investments LLC purchased a new stake in Cango in the 4th quarter worth $120,000. Virtu Financial LLC purchased a new stake in shares of Cango in the fourth quarter worth about $190,000. Finally, Millennium Management LLC purchased a new stake in shares of Cango in the fourth quarter worth about $232,000. Hedge funds and other institutional investors own 4.22% of the company's stock.
Cango Company Profile
(
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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