Short Interest in Cango Inc. (NYSE:CANG) Decreases By 16.3%

Cango Inc. (NYSE:CANG) was the recipient of a large decline in short interest during the month of February. As of February 28th, there was short interest totalling 1,080,000 shares, a decline of 16.3% from the February 13th total of 1,290,000 shares. Approximately 1.6% of the shares of the company are sold short. Based on an average daily volume of 696,300 shares, the days-to-cover ratio is currently 1.6 days.

Cango Stock Up 8.7 %

CANG stock traded up $0.37 during midday trading on Tuesday, hitting $4.63. 435,609 shares of the company traded hands, compared to its average volume of 266,057. The business has a 50 day simple moving average of $4.26 and a 200-day simple moving average of $3.51. Cango has a twelve month low of $1.32 and a twelve month high of $9.66. The stock has a market capitalization of $504.29 million, a price-to-earnings ratio of 27.21 and a beta of 0.76.

Cango (NYSE:CANG) last posted its earnings results on Thursday, March 6th. The company reported $0.07 earnings per share (EPS) for the quarter. The business 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 announced that its Board of Directors has authorized a stock repurchase plan on Thursday, March 13th that allows the company to buyback $0.00 in shares. This buyback authorization allows the company to reacquire shares of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.

Institutional Trading of Cango

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CANG. Tidal Investments LLC acquired a new stake in shares of Cango in the fourth quarter worth $120,000. Nomura Holdings Inc. acquired a new stake in Cango in the 4th quarter worth $49,000. Millennium Management LLC bought a new position in shares of Cango during the 4th quarter worth about $232,000. Electron Capital Partners LLC acquired a new position in shares of Cango during the fourth quarter valued at about $5,895,000. Finally, Boothbay Fund Management LLC acquired a new position in shares of Cango during the fourth quarter valued at about $57,000. Institutional investors and hedge funds own 4.22% of the company’s stock.

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.