Cango (NYSE:CANG) Reaches New 1-Year High – Should You Buy?

Shares of Cango Inc. (NYSE:CANG) hit a new 52-week high during trading on Monday . The company traded as high as $4.63 and last traded at $4.63, with a volume of 606685 shares traded. The stock had previously closed at $4.14.

Cango Price Performance

The company has a market capitalization of $508.65 million, a price-to-earnings ratio of 26.00 and a beta of 0.63. The business has a fifty day moving average price of $2.60 and a 200 day moving average price of $2.03.

Cango (NYSE:CANG) last issued its earnings results on Thursday, August 29th. The company reported $0.10 EPS for the quarter. The business had revenue of $6.20 million during the quarter. Cango had a return on equity of 3.55% and a net margin of 51.90%.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Acadian Asset Management LLC raised its stake in Cango by 48.1% during the second quarter. Acadian Asset Management LLC now owns 19,922 shares of the company’s stock worth $32,000 after acquiring an additional 6,467 shares in the last quarter. Cetera Advisors LLC bought a new stake in shares of Cango during the first quarter worth $150,000. Finally, International Assets Investment Management LLC grew its holdings in shares of Cango by 99.9% during the third quarter. International Assets Investment Management LLC now owns 32,485 shares of the company’s stock worth $580,000 after purchasing an additional 16,235 shares during the last quarter. 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.