Share Repurchase Program Initiated by Cango (NYSE:CANG)

Cango (NYSE:CANG) announced that its board has initiated a stock buyback plan on Thursday, March 13th, RTT News reports. The company plans to buyback $0.00 in shares. This buyback authorization authorizes the company to buy shares of its stock through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its stock is undervalued.

Cango Stock Up 12.4 %

NYSE CANG opened at $3.71 on Friday. The firm has a market cap of $404.09 million, a price-to-earnings ratio of 21.82 and a beta of 0.76. The business has a 50-day moving average price of $4.28 and a 200-day moving average price of $3.48. Cango has a twelve month low of $1.32 and a twelve month high of $9.66.

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

Cango Company Profile

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.