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

Cango Inc. (NYSE:CANG) was the target of a significant decline in short interest in 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 shares of the company are short sold. Based on an average daily volume of 696,300 shares, the short-interest ratio is currently 1.6 days.

Institutional Investors Weigh In On Cango

A number of institutional investors have recently added to or reduced their stakes in CANG. Millennium Management LLC bought a new position in shares of Cango during the 4th quarter worth approximately $232,000. Tidal Investments LLC acquired a new position in Cango during the fourth quarter worth $120,000. Nomura Holdings Inc. bought a new position in shares of Cango during the fourth quarter valued at $49,000. Marshall Wace LLP acquired a new stake in shares of Cango in the 4th quarter valued at $351,000. Finally, Boothbay Fund Management LLC bought a new stake in shares of Cango in the 4th quarter worth about $57,000. 4.22% of the stock is owned by institutional investors and hedge funds.

Cango Trading Up 8.7 %

CANG stock traded up $0.37 during midday trading on Tuesday, hitting $4.63. The stock had a trading volume of 435,609 shares, compared to its average volume of 266,057. Cango has a 52 week low of $1.32 and a 52 week high of $9.66. The stock has a 50-day simple moving average of $4.26 and a 200 day simple moving average of $3.51. The firm has a market capitalization of $504.29 million, a price-to-earnings ratio of 27.21 and a beta of 0.76.

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

Cango announced that its board has authorized a share repurchase plan on Thursday, March 13th that authorizes the company to buyback $0.00 in outstanding shares. This buyback authorization authorizes the company to purchase shares of its stock through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its shares are undervalued.

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.