Cango (NYSE:CANG) Shares Gap Up – Here’s What Happened

Cango Inc. (NYSE:CANG) shares gapped up before the market opened on Tuesday . The stock had previously closed at $4.26, but opened at $4.37. Cango shares last traded at $4.73, with a volume of 109,381 shares changing hands.

Cango Stock Performance

The business has a 50-day simple moving average of $4.26 and a two-hundred day simple moving average of $3.51. The company has a market capitalization of $499.93 million, a price-to-earnings ratio of 26.85 and a beta of 0.76.

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

Cango announced that its Board of Directors has approved a share buyback plan on Thursday, March 13th that permits the company to repurchase $0.00 in shares. This repurchase authorization permits the company to reacquire shares of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.

Institutional Investors Weigh In On Cango

A number of institutional investors have recently added to or reduced their stakes in the business. Millennium Management LLC purchased a new stake in shares of Cango in the fourth quarter valued at approximately $232,000. Tidal Investments LLC purchased a new stake in Cango during the fourth quarter worth $120,000. Nomura Holdings Inc. acquired a new stake in Cango in the fourth quarter valued at $49,000. Marshall Wace LLP acquired a new stake in Cango in the 4th quarter valued at about $351,000. Finally, Boothbay Fund Management LLC purchased a new position in Cango during the 4th quarter valued at about $57,000. Hedge funds and other institutional investors 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.