Short Interest in Cango Inc. (NYSE:CANG) Increases By 24.8%

Cango Inc. (NYSE:CANG) saw a significant increase in short interest in the month of March. As of March 31st, there was short interest totalling 1,360,000 shares, an increase of 24.8% from the March 15th total of 1,090,000 shares. Currently, 2.2% of the company’s shares are short sold. Based on an average daily trading volume, of 412,400 shares, the days-to-cover ratio is currently 3.3 days.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in CANG. Nomura Holdings Inc. acquired a new position in shares of Cango in the fourth quarter valued at about $49,000. Boothbay Fund Management LLC bought a new stake in shares of Cango in the fourth quarter valued at approximately $57,000. Tidal Investments LLC acquired a new stake in Cango during the fourth quarter worth approximately $120,000. Virtu Financial LLC bought a new position in Cango during the 4th quarter worth $190,000. Finally, Millennium Management LLC bought a new stake in shares of Cango during the 4th quarter valued at $232,000. Institutional investors and hedge funds own 4.22% of the company’s stock.

Cango Stock Performance

NYSE:CANG traded up $0.14 during trading hours on Monday, hitting $3.87. 261,731 shares of the company’s stock traded hands, compared to its average volume of 289,195. Cango has a twelve month low of $1.32 and a twelve month high of $9.66. The firm has a market cap of $401.64 million, a P/E ratio of 22.76 and a beta of 0.53. The stock’s fifty day moving average price is $3.81 and its two-hundred day moving average price is $3.89.

Cango (NYSE:CANG) last issued its earnings results on Thursday, March 6th. The company reported $0.07 EPS for the quarter. The firm had revenue of $91.52 million for the quarter. Cango had a return on equity of 3.55% and a net margin of 51.90%.

Cango declared that its board has approved a stock buyback plan 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. Stock buyback plans are generally an indication that the company’s board of directors believes its shares are undervalued.

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.