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

Cango Inc. (NYSE:CANG) was the recipient of a significant increase in short interest during 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 shares of the stock are short sold. Based on an average trading volume of 412,400 shares, the short-interest ratio is currently 3.3 days.

Cango Trading Up 3.8 %

NYSE CANG traded up $0.14 during trading on Monday, hitting $3.87. 261,731 shares of the company’s stock were exchanged, compared to its average volume of 289,195. Cango has a fifty-two week low of $1.32 and a fifty-two week high of $9.66. The company has a market cap of $401.64 million, a PE ratio of 22.76 and a beta of 0.53. The stock’s 50 day moving average price is $3.81 and its two-hundred day moving average price is $3.89.

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

Cango announced that its board has approved a stock repurchase program on Thursday, March 13th that allows the company to buyback $0.00 in outstanding shares. This buyback authorization allows the company to purchase shares of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.

Institutional Investors Weigh In On Cango

A number of institutional investors have recently added to or reduced their stakes in the business. Nomura Holdings Inc. bought a new stake in shares of Cango in the 4th quarter valued at about $49,000. Boothbay Fund Management LLC bought a new stake in Cango in the fourth quarter valued at approximately $57,000. Tidal Investments LLC bought a new position in Cango during the 4th quarter worth approximately $120,000. Virtu Financial LLC acquired a new position in shares of Cango in the 4th quarter worth approximately $190,000. Finally, Millennium Management LLC bought a new stake in shares of Cango in the 4th quarter valued at $232,000. 4.22% of the stock is owned by institutional investors.

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.