What's Going On With Cango Stock Thursday? - Cango (NYSE:CANG)

Cango, Inc. (NYSE:CANG) shares are trading higher on Thursday after the company released its December 2024 Bitcoin (CRYPTO: BTC) production update.

The Details: The company reported that it produced 569.9 Bitcoin in December compared to 363.9 Bitcoin in November. This averages out to 18.4 Bitcoin and 18.9 Bitcoin respectively.

Furthermore, Cango announced an increased average operating hash rate of 30.4 EH/s in December. In November, the company achieved an average operating hash rate of 29.8 EH/s.

The company had a deployed hash rate of 32 EH/s in both November and December.

How To Buy Cango Shares

By now you're likely curious about how to participate in the market for Cango – be it to purchase shares, or even attempt to bet against the company.

Buying shares is typically done through a brokerage account. You can find a list of possible trading platforms here. Many will allow you to buy ‘fractional shares,' which allows you to own portions of stock without buying an entire share. For example, some stock, like Berkshire Hathaway, can cost thousands of dollars to own just one share. However, if you only want to invest a fraction of that, brokerages will allow you to do so.

In the case of Cango, which is trading at $5.06 as of publishing time, $100 would buy you 19.76 shares of stock.

If you're looking to bet against a company, the process is more complex. You'll need access to an options trading platform, or a broker who will allow you to ‘go short' a share of stock by lending you the shares to sell. The process of shorting a stock can be found at this resource. Otherwise, if your broker allows you to trade options, you can either buy a put option, or sell a call option at a strike price above where shares are currently trading – either way it allows you to profit off of the share price decline.

CANG Price Action: At the time of writing, Cango stock is trading 14.8% higher at $5.05, according to data from Benzinga Pro.

Image: Image via Shutterstock

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