Cango Inc. (NYSE:CANG) Sees Large Increase in Short Interest

Cango Inc. (NYSE:CANG) was the recipient of a large increase in short interest during the month of August. As of August 31st, there was short interest totalling 15,900 shares, an increase of 45.9% from the August 15th total of 10,900 shares. Currently, 0.0% of the company’s stock are short sold. Based on an average daily volume of 32,500 shares, the days-to-cover ratio is presently 0.5 days.

Cango Stock Performance

Shares of CANG stock opened at $1.53 on Monday. The company has a market capitalization of $166.64 million, a price-to-earnings ratio of -38.25 and a beta of 0.68. Cango has a one year low of $0.92 and a one year high of $2.08. The company’s 50-day moving average is $1.80 and its 200 day moving average is $1.64.

Institutional Investors Weigh In On 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% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. 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 SEC filing. 4.22% of the stock is currently owned by institutional investors and hedge funds.

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.