Cango (NYSE:CANG) Sets New 12-Month High – Here’s What Happened

Cango Inc. (NYSE:CANG)’s share price reached a new 52-week high during mid-day trading on Monday . The company traded as high as $5.16 and last traded at $5.14, with a volume of 421791 shares trading hands. The stock had previously closed at $4.46.

Cango Stock Up 25.9 %

The firm has a market cap of $752.62 million, a price-to-earnings ratio of 35.41 and a beta of 0.79. The company’s 50-day moving average price is $3.21 and its 200-day moving average price is $2.26.

Hedge Funds Weigh In On Cango

An institutional investor recently raised its position in Cango stock. International Assets Investment Management LLC grew its position in Cango Inc. (NYSE:CANG) by 99.9% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 32,485 shares of the company’s stock after buying an additional 16,235 shares during the period. International Assets Investment Management LLC’s holdings in Cango were worth $580,000 as of its most recent SEC filing. 4.22% of the stock is currently owned by institutional investors and hedge funds.

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.