Cango (NYSE:CANG) Shares Down 8.1% – Here’s What Happened

Cango Inc. (NYSE:CANG) was down 8.1% on Thursday . The company traded as low as $7.32 and last traded at $7.35. Approximately 586,889 shares changed hands during mid-day trading, an increase of 283% from the average daily volume of 153,388 shares. The stock had previously closed at $8.00.

Cango Stock Performance

The company’s fifty day moving average price is $3.44 and its 200 day moving average price is $2.34. The firm has a market capitalization of $645.88 million, a price-to-earnings ratio of 34.88 and a beta of 0.79.

Institutional Inflows and Outflows

A hedge fund recently raised its stake in Cango stock. Acadian Asset Management LLC increased its position in shares of Cango Inc. (NYSE:CANG) by 48.1% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 19,922 shares of the company’s stock after acquiring 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. 4.22% of the stock is owned by institutional investors.

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.