Cango (NYSE:CANG) Shares Gap Up – Still a Buy?

Cango Inc. (NYSE:CANG)’s stock price gapped up before the market opened on Tuesday . The stock had previously closed at $4.26, but opened at $4.37. Cango shares last traded at $4.73, with a volume of 109,381 shares.

Cango Stock Performance

The firm has a market cap of $454.73 million, a PE ratio of 24.56 and a beta of 0.76. The stock has a fifty day moving average price of $4.24 and a 200-day moving average price of $3.53.

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

Cango declared that its board has authorized a share buyback program on Thursday, March 13th that authorizes the company to repurchase $0.00 in shares. This repurchase authorization authorizes the company to reacquire shares of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.

Hedge Funds Weigh In On Cango

Institutional investors and hedge funds have recently bought and sold shares of the stock. Nomura Holdings Inc. purchased a new position in Cango in the 4th quarter worth approximately $49,000. Boothbay Fund Management LLC purchased a new position in Cango in the 4th quarter worth approximately $57,000. Tidal Investments LLC acquired a new position in shares of Cango in the 4th quarter valued at approximately $120,000. Virtu Financial LLC acquired a new position in shares of Cango in the 4th quarter valued at approximately $190,000. Finally, Millennium Management LLC acquired a new position in shares of Cango in the 4th quarter valued at approximately $232,000. Hedge funds and other institutional investors 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.