Share Buyback Program Approved by Cango (NYSE:CANG)

Cango (NYSE:CANG) declared that its Board of Directors has approved a stock repurchase program on Thursday, March 13th, RTT News reports. The company plans to repurchase $0.00 in shares. This repurchase authorization authorizes the company to buy shares of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.

Cango Stock Up 12.4 %

Shares of NYSE CANG opened at $3.71 on Friday. Cango has a 52 week low of $1.32 and a 52 week high of $9.66. The company has a market cap of $404.09 million, a P/E ratio of 21.82 and a beta of 0.76. The business has a 50-day simple moving average of $4.28 and a two-hundred day simple moving average of $3.48.

Cango (NYSE:CANG) last released its quarterly earnings results on Thursday, March 6th. The company reported $0.07 earnings per share 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 for 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.