Cango Inc. (NYSE:CANG) Sees Significant Decrease in Short Interest

Cango Inc. (NYSE:CANG) saw a significant decrease in short interest during the month of February. As of February 28th, there was short interest totalling 1,080,000 shares, a decrease of 16.3% from the February 13th total of 1,290,000 shares. Approximately 1.6% of the shares of the stock are sold short. Based on an average daily volume of 696,300 shares, the short-interest ratio is currently 1.6 days.

Cango Price Performance

Shares of NYSE:CANG traded down $0.15 during midday trading on Thursday, reaching $4.01. The company’s stock had a trading volume of 217,957 shares, compared to its average volume of 270,244. The business’s fifty day simple moving average is $4.24 and its 200-day simple moving average is $3.53. Cango has a fifty-two week low of $1.32 and a fifty-two week high of $9.66. The company has a market capitalization of $436.87 million, a P/E ratio of 23.62 and a beta of 0.76.

Cango (NYSE:CANG) last posted its quarterly earnings data on Thursday, March 6th. The company reported $0.07 earnings per share for the quarter. Cango had a net margin of 51.90% and a return on equity of 3.55%. The firm had revenue of $91.52 million during the quarter.

Cango declared that its board has initiated a stock repurchase program on Thursday, March 13th that permits the company to buyback $0.00 in outstanding shares. This buyback authorization permits the company to buy shares of its stock through open market purchases. Shares buyback programs are often an indication that the company’s board believes its shares are undervalued.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Nomura Holdings Inc. acquired a new position in shares of Cango during the fourth quarter valued at $49,000. Boothbay Fund Management LLC bought a new stake in Cango during the 4th quarter worth about $57,000. Tidal Investments LLC acquired a new position in Cango during the 4th quarter valued at about $120,000. Virtu Financial LLC bought a new position in shares of Cango in the 4th quarter valued at about $190,000. Finally, Millennium Management LLC acquired a new stake in shares of Cango during the 4th quarter worth approximately $232,000. 4.22% of the stock is currently owned by institutional investors.

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.