Cango (NYSE:CANG) Shares Gap Down – What’s Next?

Shares of Cango Inc. (NYSE:CANG) gapped down prior to trading on Wednesday . The stock had previously closed at $5.07, but opened at $4.85. Cango shares last traded at $4.92, with a volume of 49,149 shares traded.

Cango Price Performance

The stock’s 50-day moving average is $4.30 and its 200 day moving average is $2.67. The stock has a market cap of $517.36 million, a price-to-earnings ratio of 27.94 and a beta of 0.75.

Institutional Trading of Cango

A hedge fund recently raised its stake in Cango stock. Acadian Asset Management LLC grew its holdings in Cango Inc. (NYSE:CANG) by 48.1% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 19,922 shares of the company’s stock after acquiring 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 SEC filing. 4.22% of the stock is currently 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.