Cango Inc. (NYSE:CANG) Sees Significant Increase in Short Interest

Cango Inc. (NYSE:CANG) was the recipient of a large growth in short interest in the month of January. As of January 15th, there was short interest totalling 993,500 shares, a growth of 166.1% from the December 31st total of 373,400 shares. Approximately 1.5% of the shares of the company are sold short. Based on an average daily volume of 652,800 shares, the short-interest ratio is currently 1.5 days.

Institutional Trading of Cango

A hedge fund recently raised its stake in Cango stock. International Assets Investment Management LLC grew its holdings in Cango Inc. (NYSE:CANG) by 99.9% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 32,485 shares of the company’s stock after acquiring an additional 16,235 shares during the period. International Assets Investment Management LLC’s holdings in Cango were worth $580,000 as of its most recent filing with the Securities & Exchange Commission. Institutional investors and hedge funds own 4.22% of the company’s stock.

Cango Stock Performance

Shares of Cango stock traded down $0.09 on Friday, hitting $4.78. 74,970 shares of the company’s stock were exchanged, compared to its average volume of 604,308. Cango has a 1 year low of $1.12 and a 1 year high of $9.66. The company has a 50-day simple moving average of $4.75 and a 200-day simple moving average of $3.00. The stock has a market capitalization of $520.20 million, a PE ratio of 27.91 and a beta of 0.75.

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.