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

Cango Inc. (NYSE:CANG) saw unusually-high trading volume on Tuesday . Approximately 252,437 shares traded hands during mid-day trading, an increase of 44% from the previous session’s volume of 175,118 shares.The stock last traded at $5.14 and had previously closed at $4.85.

Cango Stock Up 10.1 %

The company has a 50-day moving average of $3.64 and a 200 day moving average of $2.42. The firm has a market capitalization of $581.62 million, a PE ratio of 31.41 and a beta of 0.79.

Institutional Investors Weigh In On Cango

An institutional investor recently raised its position in Cango stock. International Assets Investment Management LLC increased its stake in Cango Inc. (NYSE:CANG) by 99.9% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 32,485 shares of the company’s stock after acquiring an additional 16,235 shares during the period. International Assets Investment Management LLC’s holdings in Cango were worth $580,000 as of its most recent SEC filing. 4.22% of the stock is owned by institutional investors.

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.