Marshall Wace LLP Invests $351,000 in Cango Inc. (NYSE:CANG)

Marshall Wace LLP purchased a new stake in Cango Inc. (NYSE:CANG - Free Report) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 79,757 shares of the company's stock, valued at approximately $351,000. Marshall Wace LLP owned about 0.07% of Cango as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in CANG. BIT Capital GmbH acquired a new stake in shares of Cango during the fourth quarter worth $3,670,000. HCEP Management Ltd acquired a new position in shares of Cango during the 4th quarter worth about $1,738,000. O Shaughnessy Asset Management LLC acquired a new position in shares of Cango during the 4th quarter worth about $463,000. Finally, Virtu Financial LLC bought a new stake in shares of Cango in the 4th quarter valued at about $190,000. 4.22% of the stock is currently owned by institutional investors and hedge funds.

Cango Stock Up 6.8 %

Cango stock traded up $0.29 during midday trading on Friday, hitting $4.54. 573,638 shares of the stock were exchanged, compared to its average volume of 296,067. The stock has a market capitalization of $471.17 million, a PE ratio of 26.71 and a beta of 0.66. The company has a fifty day simple moving average of $3.85 and a two-hundred day simple moving average of $4.12. Cango Inc. has a 52 week low of $1.40 and a 52 week high of $9.66.

Cango (NYSE:CANG - Get Free Report) last announced its quarterly earnings results on Thursday, March 6th. The company reported $0.07 earnings per share for the quarter. Cango had a net margin of 51.90% and a return on equity of 3.55%. The company had revenue of $91.52 million for the quarter.

Cango declared that its board has authorized a stock buyback plan on Thursday, March 13th that allows the company to buyback $0.00 in outstanding shares. This buyback authorization allows the company to reacquire shares of its stock through open market purchases. Stock buyback plans are often a sign that the company's board of directors believes its stock is undervalued.

Cango Company Profile

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.