Stock Repurchase Plan Initiated by Cango (NYSE:CANG) Board

Cango (NYSE:CANG) announced that its Board of Directors has authorized a stock repurchase program on Thursday, March 13th, RTT News reports. The company plans to repurchase $0.00 in outstanding shares. This repurchase authorization allows the company to repurchase shares of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board believes its stock is undervalued.

Cango Stock Up 0.8 %

CANG opened at $3.35 on Friday. The business has a fifty day moving average of $4.31 and a 200 day moving average of $3.45. The stock has a market cap of $364.44 million, a P/E ratio of 19.68 and a beta of 0.76. Cango has a 52-week low of $1.32 and a 52-week high of $9.66.

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

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.