Cango (NYSE:CANG) Sees Unusually-High Trading Volume – Time to Buy?

Cango Inc. (NYSE:CANG) shares saw unusually-strong trading volume on Friday . Approximately 861,463 shares changed hands during trading, a decline of 1% from the previous session’s volume of 868,763 shares.The stock last traded at $5.13 and had previously closed at $5.02.

Cango Price Performance

The stock’s 50 day moving average is $4.19 and its two-hundred day moving average is $2.61. The stock has a market capitalization of $571.82 million, a PE ratio of 30.88 and a beta of 0.79.

Institutional Inflows and Outflows

An institutional investor recently raised its position in Cango stock. International Assets Investment Management LLC lifted its position in shares of Cango Inc. (NYSE:CANG) by 99.9% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 32,485 shares of the company’s stock after purchasing an additional 16,235 shares during the period. International Assets Investment Management LLC’s holdings in Cango were worth $580,000 at the end of the most recent reporting period. Institutional investors and hedge funds 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.