Cango (NYSE:CANG) Stock Price Down 2% – Should You Sell?

Cango Inc. (NYSE:CANG) fell 2% during mid-day trading on Tuesday . The company traded as low as $3.01 and last traded at $3.15. 297,493 shares changed hands during mid-day trading, a decline of 41% from the average session volume of 503,946 shares. The stock had previously closed at $3.21.

Cango Price Performance

The company’s 50 day simple moving average is $4.56 and its 200 day simple moving average is $3.39. The firm has a market cap of $342.55 million, a price-to-earnings ratio of 18.50 and a beta of 0.74.

Institutional Investors Weigh In On Cango

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Nomura Holdings Inc. purchased a new position in Cango during the fourth quarter worth about $49,000. Boothbay Fund Management LLC acquired a new position in Cango during the fourth quarter worth about $57,000. Tidal Investments LLC acquired a new position in Cango during the fourth quarter worth about $120,000. Virtu Financial LLC acquired a new position in Cango during the fourth quarter worth about $190,000. Finally, Millennium Management LLC acquired a new position in Cango during the fourth quarter worth about $232,000. 4.22% of the stock is owned by hedge funds and other institutional investors.

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.