Cango (NYSE:CANG) Trading Down 6.5% – Time to Sell?

Cango Inc. (NYSE:CANG)’s share price traded down 6.5% during mid-day trading on Friday . The company traded as low as $4.83 and last traded at $4.86. 199,450 shares were traded during mid-day trading, an increase of 12% from the average session volume of 178,389 shares. The stock had previously closed at $5.20.

Cango Stock Performance

The company’s 50-day moving average is $3.91 and its 200-day moving average is $2.50. The firm has a market cap of $535.88 million, a price-to-earnings ratio of 28.94 and a beta of 0.79.

Hedge Funds Weigh In On Cango

An institutional investor recently raised its position in Cango stock. Acadian Asset Management LLC increased its position in shares of Cango Inc. (NYSE:CANG) by 48.1% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm 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 at the end of the most recent quarter. 4.22% of the stock is currently owned by hedge funds and other 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.