Cango Inc. (NYSE:CANG) Short Interest Up 143.8% in October

Cango Inc. (NYSE:CANG) was the target of a significant growth in short interest during the month of October. As of October 15th, there was short interest totalling 7,800 shares, a growth of 143.8% from the September 30th total of 3,200 shares. Currently, 0.0% of the company’s stock are sold short. Based on an average trading volume of 43,300 shares, the days-to-cover ratio is presently 0.2 days.

Cango Trading Up 17.5 %

CANG stock traded up $0.33 during mid-day trading on Friday, hitting $2.22. The stock had a trading volume of 412,382 shares, compared to its average volume of 53,784. Cango has a 1-year low of $0.92 and a 1-year high of $2.25. The company has a fifty day moving average of $1.73 and a 200 day moving average of $1.69. The stock has a market capitalization of $241.80 million, a price-to-earnings ratio of -55.50 and a beta of 0.69.

Cango (NYSE:CANG) last released its quarterly earnings data on Thursday, August 29th. The company reported $0.10 EPS for the quarter. The firm had revenue of $6.20 million for the quarter. Cango had a return on equity of 0.55% and a net margin of 3.61%.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Cetera Advisors LLC acquired a new stake in shares of Cango in the first quarter worth about $150,000. Acadian Asset Management LLC raised its stake in shares of Cango by 48.1% in the 2nd quarter. Acadian Asset Management LLC now owns 19,922 shares of the company’s stock valued at $32,000 after acquiring an additional 6,467 shares in the last quarter. Finally, International Assets Investment Management LLC raised its stake in shares of Cango by 99.9% in the 3rd quarter. International Assets Investment Management LLC now owns 32,485 shares of the company’s stock valued at $580,000 after acquiring an additional 16,235 shares in the last quarter. Institutional investors and hedge funds 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.