Cango Inc. (NYSE:CANG) Short Interest Up 24.8% in March

Cango Inc. (NYSE:CANG - Get Free Report) 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 volume of 412,400 shares, the short-interest ratio is presently 3.3 days.

Cango Price Performance

Shares of Cango stock traded down $0.00 during trading on Friday, hitting $4.22. The company's stock had a trading volume of 25,641 shares, compared to its average volume of 397,268. The stock has a market cap of $437.55 million, a price-to-earnings ratio of 24.80 and a beta of 0.53. Cango has a 52 week low of $1.38 and a 52 week high of $9.66. The stock has a 50-day moving average price of $3.76 and a two-hundred day moving average price of $3.93.

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

Cango declared that its board has initiated a stock repurchase program on Thursday, March 13th that permits the company to buyback $0.00 in shares. This buyback authorization permits the company to reacquire shares of its stock through open market purchases. Stock buyback programs are generally an indication that the company's board believes its shares are undervalued.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Nomura Holdings Inc. bought a new position in Cango during the fourth quarter worth $49,000. Boothbay Fund Management LLC bought a new stake in shares of Cango during the 4th quarter valued at about $57,000. Tidal Investments LLC bought a new stake in shares of Cango during the 4th quarter valued at about $120,000. Virtu Financial LLC acquired a new stake in Cango during the fourth quarter worth approximately $190,000. Finally, Millennium Management LLC bought a new stake in Cango in the fourth quarter worth approximately $232,000. 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.