Cango (NYSE:CANG) Sees Strong Trading Volume – Time to Buy?

Cango Inc. (NYSE:CANG) saw unusually-high trading volume on Friday . Approximately 861,463 shares traded hands during mid-day 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 Stock Performance

The business has a fifty day moving average price of $4.13 and a 200 day moving average price of $2.58. The firm has a market cap of $546.77 million, a PE ratio of 29.53 and a beta of 0.79.

Institutional Investors Weigh In On Cango

An institutional investor recently raised its position in Cango stock. Acadian Asset Management LLC boosted its holdings in shares of Cango Inc. (NYSE:CANG) by 48.1% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund 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 at the end of the most recent reporting period. 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.