Cango (NYSE:CANG) Shares Gap Down – Time to Sell?

Cango Inc. (NYSE:CANG)’s share price gapped down prior to trading on Friday . The stock had previously closed at $5.76, but opened at $5.45. Cango shares last traded at $4.74, with a volume of 555,460 shares.

Cango Stock Down 12.3 %

The firm has a market cap of $550.04 million, a P/E ratio of 29.71 and a beta of 0.79. The stock’s 50-day moving average is $3.58 and its 200-day moving average is $2.39.

Hedge Funds Weigh In On Cango

A hedge fund recently raised its position in Cango stock. Acadian Asset Management LLC boosted its stake in shares of Cango Inc. (NYSE:CANG) by 48.1% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 19,922 shares of the company’s stock after acquiring 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 SEC filing. 4.22% of the stock is currently owned by institutional investors and hedge funds.

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.