Cango Inc. (NYSE:CANG) Short Interest Down 16.3% in February

Cango Inc. (NYSE:CANG) saw a significant decrease in short interest in February. As of February 28th, there was short interest totalling 1,080,000 shares, a decrease of 16.3% from the February 13th total of 1,290,000 shares. Currently, 1.6% of the company’s shares are sold short. Based on an average daily trading volume, of 696,300 shares, the days-to-cover ratio is currently 1.6 days.

Cango Stock Down 10.4 %

Shares of Cango stock traded down $0.49 during trading on Wednesday, hitting $4.18. The stock had a trading volume of 574,907 shares, compared to its average volume of 270,453. Cango has a 1 year low of $1.32 and a 1 year high of $9.66. The stock has a 50 day simple moving average of $4.26 and a 200 day simple moving average of $3.53. The company has a market capitalization of $454.73 million, a PE ratio of 24.56 and a beta of 0.76.

Cango (NYSE:CANG) last posted its quarterly earnings data on Thursday, March 6th. The company reported $0.07 earnings per share for the quarter. The firm had revenue of $91.52 million for the quarter. Cango had a net margin of 51.90% and a return on equity of 3.55%.

Cango declared that its Board of Directors has approved a share buyback plan on Thursday, March 13th that authorizes the company to buyback $0.00 in outstanding shares. This buyback authorization authorizes the company to repurchase shares of its stock through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its stock is undervalued.

Institutional Trading of Cango

A number of institutional investors have recently bought and sold shares of CANG. Electron Capital Partners LLC acquired a new position in Cango in the 4th quarter worth about $5,895,000. BIT Capital GmbH acquired a new position in Cango in the fourth quarter worth approximately $3,670,000. HCEP Management Ltd acquired a new position in Cango in the fourth quarter worth approximately $1,738,000. O Shaughnessy Asset Management LLC bought a new position in Cango during the fourth quarter valued at approximately $463,000. Finally, Marshall Wace LLP acquired a new stake in Cango in the fourth quarter valued at approximately $351,000. Institutional investors and hedge funds own 4.22% of the company’s stock.

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.