Short Interest in Cango Inc. (NYSE:CANG) Increases By 143.8%

Cango Inc. (NYSE:CANG) was the target of a large growth in short interest in the month of October. As of October 15th, there was short interest totalling 7,800 shares, a growth of 143.8% from the September 30th total of 3,200 shares. Based on an average daily trading volume, of 43,300 shares, the days-to-cover ratio is presently 0.2 days. Currently, 0.0% of the company’s stock are short sold.

Institutional Investors Weigh In On Cango

Several hedge funds and other institutional investors have recently made changes to their positions in CANG. Cetera Advisors LLC acquired a new position in Cango during the first quarter worth approximately $150,000. Acadian Asset Management LLC increased its position in Cango by 48.1% during the second quarter. Acadian Asset Management LLC now owns 19,922 shares of the company’s stock worth $32,000 after buying an additional 6,467 shares during the period. Finally, International Assets Investment Management LLC increased its position in Cango by 99.9% during the third quarter. International Assets Investment Management LLC now owns 32,485 shares of the company’s stock worth $580,000 after buying an additional 16,235 shares during the period. Institutional investors and hedge funds own 4.22% of the company’s stock.

Cango Stock Performance

Shares of NYSE CANG opened at $2.20 on Friday. Cango has a fifty-two week low of $0.92 and a fifty-two week high of $2.25. The firm has a market capitalization of $239.62 million, a PE ratio of -55.00 and a beta of 0.69. The stock’s 50-day simple moving average is $1.73 and its 200-day simple moving average is $1.68.

Cango (NYSE:CANG) last issued its earnings results on Thursday, August 29th. The company reported $0.10 earnings per share for the quarter. Cango had a return on equity of 0.55% and a net margin of 3.61%. The business had revenue of $6.20 million for the quarter.

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.