Cango (NYSE:CANG) Stock Price Down 8.1% – What’s Next?

Cango Inc. (NYSE:CANG)’s share price fell 8.1% during mid-day trading on Thursday . The stock traded as low as $7.32 and last traded at $7.35. 586,889 shares traded hands during mid-day trading, an increase of 283% from the average session volume of 153,388 shares. The stock had previously closed at $8.00.

Cango Trading Down 25.9 %

The company has a market cap of $645.88 million, a price-to-earnings ratio of 34.88 and a beta of 0.79. The business has a 50-day moving average price of $3.44 and a 200 day moving average price of $2.34.

Institutional Trading of Cango

A hedge fund recently raised its stake in Cango stock. Acadian Asset Management LLC increased its holdings in shares of Cango Inc. (NYSE:CANG) by 48.1% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 19,922 shares of the company’s stock after buying an additional 6,467 shares during the quarter. Acadian Asset Management LLC’s holdings in Cango were worth $32,000 as of its most recent filing with the Securities and Exchange Commission. Institutional investors and hedge funds own 4.22% of the company’s stock.

Cango Company 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.