Cango Inc. Sponsored ADR (NYSE:CANG - Get Free Report)'s stock price was down 0.9% on Thursday . The stock traded as low as $5.15 and last traded at $5.23. Approximately 791,826 shares traded hands during trading, an increase of 124% from the average daily volume of 353,619 shares. The stock had previously closed at $5.27.
Cango Stock Performance
The company has a fifty day moving average of $4.54 and a two-hundred day moving average of $4.39. The firm has a market capitalization of $542.25 million, a price-to-earnings ratio of -261.12 and a beta of 0.70.
Cango announced that its board has authorized a share buyback program on Thursday, March 13th that permits the company to buyback $0.00 in shares. This buyback authorization permits the company to reacquire shares of its stock through open market purchases. Shares buyback programs are typically a sign that the company's board believes its shares are undervalued.
Institutional Investors Weigh In On Cango
Institutional investors have recently modified their holdings of the business. BIT Capital GmbH bought a new position in Cango during the fourth quarter worth about $3,670,000. Electron Capital Partners LLC acquired a new position in shares of Cango during the 4th quarter worth approximately $5,895,000. O Shaughnessy Asset Management LLC bought a new position in shares of Cango during the fourth quarter worth approximately $463,000. Millennium Management LLC acquired a new stake in shares of Cango in the fourth quarter valued at approximately $232,000. Finally, Nomura Holdings Inc. bought a new stake in shares of Cango in the fourth quarter valued at approximately $49,000. Institutional investors 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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