Cango (NYSE:CANG) Shares Down 6.3% - Here's Why

Key Points

• Cango Inc.'s stock price dropped by 6.3% on Tuesday, trading as low as $5.20, following a previous close at $5.50.
• Wall Street analysts maintain a buy rating for Cango, with a consensus price target set at $8.00, suggesting potential for future growth.
• Several institutional investors have recently acquired stakes in Cango, boosting their ownership to 4.22% of the stock.

Cango Inc. Sponsored ADR (NYSE:CANG - Get Free Report) shares were down 6.3% during mid-day trading on Tuesday . The company traded as low as $5.20 and last traded at $5.16. Approximately 389,145 shares changed hands during mid-day trading, a decline of 15% from the average daily volume of 460,335 shares. The stock had previously closed at $5.50.

Wall Street Analysts Forecast Growth

Separately, HC Wainwright restated a "buy" rating and set a $8.00 price objective on shares of Cango in a report on Friday, September 5th. One analyst has rated the stock with a Buy rating, Based on data from MarketBeat.com, Cango currently has an average rating of "Buy" and a consensus target price of $8.00.

Cango Price Performance

The company's fifty day moving average price is $4.93 and its 200 day moving average price is $4.44. The company has a market cap of $475.33 million, a PE ratio of -1.59 and a beta of 0.77.

Institutional Trading of Cango

Several hedge funds have recently added to or reduced their stakes in CANG. Invesco Ltd. bought a new position in Cango during the first quarter worth about $343,000. Cubist Systematic Strategies LLC purchased a new position in Cango during the first quarter worth about $243,000. Cetera Investment Advisers increased its stake in Cango by 102.0% in the 1st quarter. Cetera Investment Advisers now owns 115,361 shares of the company's stock worth $437,000 after acquiring an additional 58,240 shares during the last quarter. Millennium Management LLC bought a new stake in shares of Cango during the 4th quarter valued at about $232,000. Finally, Jump Financial LLC purchased a new position in shares of Cango during the second quarter worth about $246,000. Institutional investors own 4.22% of the company's stock.

About Cango

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.