Short Interest in Cango Inc. (NYSE:CANG) Increases By 166.1%

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

Hedge Funds Weigh In On Cango

An institutional investor recently raised its position in Cango stock. Acadian Asset Management LLC boosted its stake in Cango Inc. (NYSE:CANG) by 48.1% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 19,922 shares of the company’s stock after purchasing an additional 6,467 shares during the period. Acadian Asset Management LLC’s holdings in Cango were worth $32,000 at the end of the most recent quarter. Institutional investors and hedge funds own 4.22% of the company’s stock.

Cango Trading Up 2.7 %

NYSE CANG traded up $0.12 during trading hours on Wednesday, reaching $4.62. The company had a trading volume of 401,106 shares, compared to its average volume of 890,678. The stock has a market capitalization of $503.20 million, a P/E ratio of 27.18 and a beta of 0.75. The stock has a 50-day moving average of $4.49 and a 200 day moving average of $2.77. Cango has a 1-year low of $1.02 and a 1-year high of $9.66.

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.