Cango (NYSE:CANG) Shares Gap Up – Time to Buy?

Cango Inc. Sponsored ADR (NYSE:CANG)’s stock price gapped up prior to trading on Monday . The stock had previously closed at $5.34, but opened at $5.60. Cango shares last traded at $5.60, with a volume of 912,637 shares trading hands.

Cango Stock Performance

The firm’s 50 day moving average price is $4.68 and its two-hundred day moving average price is $4.35. The company has a market cap of $545.88 million, a P/E ratio of -261.62 and a beta of 0.70.

Hedge Funds Weigh In On Cango

Several institutional investors have recently made changes to their positions in the stock. Electron Capital Partners LLC bought a new stake in Cango during the 4th quarter valued at $5,895,000. BIT Capital GmbH acquired a new position in shares of Cango during the fourth quarter valued at about $3,670,000. HCEP Management Ltd bought a new stake in shares of Cango during the fourth quarter worth about $1,738,000. O Shaughnessy Asset Management LLC bought a new stake in shares of Cango during the fourth quarter worth about $463,000. Finally, Invesco Ltd. acquired a new stake in shares of Cango in the 1st quarter worth about $343,000. 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.