BIT Capital GmbH Invests $3.67 Million in Cango Inc. (NYSE:CANG)

BIT Capital GmbH bought a new position in Cango Inc. (NYSE:CANG) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 834,062 shares of the company’s stock, valued at approximately $3,670,000. BIT Capital GmbH owned about 0.77% of Cango as of its most recent filing with the Securities and Exchange Commission (SEC).

Separately, Virtu Financial LLC purchased a new position in Cango during the fourth quarter worth approximately $190,000. 4.22% of the stock is owned by institutional investors and hedge funds.

Cango Stock Down 3.8 %

Shares of CANG opened at $4.04 on Thursday. The firm has a market cap of $439.92 million, a PE ratio of 23.76 and a beta of 0.76. The company’s fifty day moving average is $4.20 and its two-hundred day moving average is $3.62. Cango Inc. has a fifty-two week low of $1.32 and a fifty-two week high of $9.66.

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

Cango announced that its board has initiated a share buyback program on Thursday, March 13th that allows the company to buyback $0.00 in shares. This buyback authorization allows 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.

Cango 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.