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

Cango Inc. (NYSE:CANG) was the recipient of a significant decrease in short interest in the month of February. As of February 28th, there was short interest totalling 1,080,000 shares, a decrease of 16.3% from the February 13th total of 1,290,000 shares. Based on an average daily volume of 696,300 shares, the days-to-cover ratio is currently 1.6 days. Currently, 1.6% of the shares of the company are sold short.

Cango Stock Down 3.6 %

CANG stock traded down $0.15 during midday trading on Thursday, hitting $4.01. 217,957 shares of the company traded hands, compared to its average volume of 270,244. The business has a 50 day simple moving average of $4.24 and a 200-day simple moving average of $3.53. Cango has a twelve month low of $1.32 and a twelve month high of $9.66. The stock has a market capitalization of $436.87 million, a price-to-earnings ratio of 23.62 and a beta of 0.76.

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

Cango announced that its Board of Directors has authorized a stock buyback program on Thursday, March 13th that permits the company to buyback $0.00 in outstanding shares. This buyback authorization permits the company to buy shares of its stock through open market purchases. Shares buyback programs are often a sign that the company’s management believes its shares are undervalued.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Nomura Holdings Inc. bought a new stake in Cango in the 4th quarter valued at $49,000. Boothbay Fund Management LLC acquired a new stake in shares of Cango during the 4th quarter valued at about $57,000. Tidal Investments LLC bought a new position in Cango during the fourth quarter worth about $120,000. Virtu Financial LLC bought a new position in shares of Cango during the 4th quarter worth approximately $190,000. Finally, Millennium Management LLC acquired a new stake in Cango in the 4th quarter valued at $232,000. 4.22% of the stock is currently owned by institutional investors and hedge funds.

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.