HCEP Management Ltd Buys New Stake in Cango Inc. (NYSE:CANG)

HCEP Management Ltd purchased a new position in shares of Cango Inc. (NYSE:CANG) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 394,900 shares of the company’s stock, valued at approximately $1,738,000. Cango makes up about 1.4% of HCEP Management Ltd’s investment portfolio, making the stock its 7th largest holding.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Virtu Financial LLC acquired a new position in Cango during the 4th quarter worth about $190,000. O Shaughnessy Asset Management LLC acquired a new stake in shares of Cango during the fourth quarter worth about $463,000. Finally, BIT Capital GmbH purchased a new position in shares of Cango in the fourth quarter valued at approximately $3,670,000. 4.22% of the stock is currently owned by hedge funds and other institutional investors.

Cango Stock Performance

Shares of CANG stock opened at $3.73 on Friday. Cango Inc. has a fifty-two week low of $1.32 and a fifty-two week high of $9.66. The company has a 50 day moving average price of $4.10 and a 200 day moving average price of $3.72. The stock has a market capitalization of $406.70 million, a P/E ratio of 21.96 and a beta of 0.53.

Cango (NYSE:CANG) last posted its quarterly earnings results on Thursday, March 6th. The company reported $0.07 EPS for the quarter. The business had revenue of $91.52 million during 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 program on Thursday, March 13th that authorizes the company to buyback $0.00 in shares. This buyback authorization authorizes the company to purchase shares of its stock through open market purchases. Shares buyback programs are typically an indication that the company’s board believes its stock is undervalued.

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.