Cango Inc. (NYSE:CANG) Short Interest Down 16.3% in February

Cango Inc. (NYSE:CANG - Get Free Report) was the target of a significant decline in short interest during the month of February. As of February 28th, there was short interest totalling 1,080,000 shares, a decline of 16.3% from the February 13th total of 1,290,000 shares. Approximately 1.6% of the company's shares are sold short. Based on an average daily volume of 696,300 shares, the short-interest ratio is currently 1.6 days.

Cango Trading Up 3.4 %

Shares of NYSE:CANG traded up $0.14 on Friday, reaching $4.08. 346,389 shares of the company traded hands, compared to its average volume of 273,761. The stock has a market capitalization of $443.84 million, a P/E ratio of 23.97 and a beta of 0.76. The business's 50-day simple moving average is $4.22 and its 200 day simple moving average is $3.57. Cango has a 52 week low of $1.32 and a 52 week high of $9.66.

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

Cango announced that its board has approved a share buyback plan on Thursday, March 13th that permits the company to buyback $0.00 in shares. This buyback authorization permits the company to repurchase shares of its stock through open market purchases. Stock buyback plans are often a sign that the company's leadership believes its stock is undervalued.

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Institutional Investors Weigh In On Cango

Several institutional investors have recently added to or reduced their stakes in the company. Millennium Management LLC bought a new position in shares of Cango during the fourth quarter valued at about $232,000. Tidal Investments LLC bought a new position in Cango during the 4th quarter valued at approximately $120,000. Nomura Holdings Inc. purchased a new stake in Cango in the 4th quarter worth approximately $49,000. Marshall Wace LLP bought a new stake in shares of Cango in the 4th quarter worth approximately $351,000. Finally, Boothbay Fund Management LLC purchased a new position in shares of Cango during the fourth quarter valued at approximately $57,000. Hedge funds and other institutional investors own 4.22% of the company's stock.

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.