Cango (NYSE:CANG) Trading Down 6.5% – What’s Next?

Shares of Cango Inc. (NYSE:CANG) were down 6.5% during mid-day trading on Friday . The company traded as low as $4.83 and last traded at $4.86. Approximately 199,450 shares traded hands during mid-day trading, an increase of 12% from the average daily volume of 178,389 shares. The stock had previously closed at $5.20.

Cango Price Performance

The business’s 50 day simple moving average is $3.91 and its 200-day simple moving average is $2.50. The stock has a market capitalization of $535.88 million, a P/E ratio of 28.94 and a beta of 0.79.

Hedge Funds Weigh In On Cango

A hedge fund recently raised its stake in Cango stock. Acadian Asset Management LLC raised its position in Cango Inc. (NYSE:CANG) by 48.1% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 19,922 shares of the company’s stock after purchasing an additional 6,467 shares during the period. Acadian Asset Management LLC’s holdings in Cango were worth $32,000 as of its most recent filing with the SEC. 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.