Cango Inc. Sponsored ADR (NYSE:CANG - Get Free Report) shares rose 8.5% during mid-day trading on Monday . The stock traded as high as $4.85 and last traded at $4.84. Approximately 308,710 shares changed hands during trading, a decline of 11% from the average daily volume of 345,824 shares. The stock had previously closed at $4.46.
Cango Stock Down 1.6%
The firm has a market cap of $495.45 million, a price-to-earnings ratio of -239.13 and a beta of 0.71. The stock has a 50 day moving average of $4.49 and a 200 day moving average of $4.38.
Cango declared that its Board of Directors has approved a stock repurchase plan on Thursday, March 13th that permits the company to buyback $0.00 in shares. This buyback authorization permits the company to repurchase shares of its stock through open market purchases. Stock buyback plans are usually an indication that the company's board of directors believes its shares are undervalued.
Institutional Inflows and Outflows
Several institutional investors have recently added to or reduced their stakes in the company. BIT Capital GmbH acquired a new stake in shares of Cango in the 4th quarter valued at $3,670,000. Electron Capital Partners LLC acquired a new stake in Cango in the fourth quarter valued at about $5,895,000. O Shaughnessy Asset Management LLC bought a new position in Cango in the fourth quarter valued at about $463,000. Millennium Management LLC bought a new position in Cango in the fourth quarter valued at about $232,000. Finally, Nomura Holdings Inc. bought a new position in shares of Cango in the fourth quarter worth about $49,000. 4.22% of the stock is currently owned by institutional investors and hedge funds.
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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