Cetera Investment Advisers Raises Stake in Cango Inc. Sponsored ADR $CANG

Cetera Investment Advisers lifted its position in shares of Cango Inc. Sponsored ADR (NYSE:CANG) by 102.0% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 115,361 shares of the company’s stock after buying an additional 58,240 shares during the quarter. Cetera Investment Advisers owned approximately 0.11% of Cango worth $437,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Nomura Holdings Inc. acquired a new position in Cango in the 4th quarter valued at about $49,000. Boothbay Fund Management LLC acquired a new position in Cango in the 4th quarter valued at about $57,000. Tidal Investments LLC acquired a new position in Cango in the 4th quarter valued at about $120,000. Millennium Management LLC acquired a new position in Cango in the 4th quarter valued at about $232,000. Finally, Marshall Wace LLP acquired a new position in shares of Cango during the 4th quarter valued at about $351,000. Institutional investors and hedge funds own 4.22% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, HC Wainwright started coverage on shares of Cango in a research note on Wednesday, July 23rd. They set a “buy” rating and a $8.00 price objective for the company.

Cango Stock Performance

Shares of NYSE:CANG opened at $4.82 on Monday. Cango Inc. Sponsored ADR has a 1 year low of $1.40 and a 1 year high of $9.66. The stock has a market capitalization of $500.22 million, a P/E ratio of -240.88 and a beta of 0.74. The stock has a 50-day simple moving average of $4.90 and a 200-day simple moving average of $4.39.

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.