Share Buyback Program Authorized by Cango (NYSE:CANG) Board

Cango (NYSE:CANG) declared that its Board of Directors has authorized a share repurchase program on Thursday, March 13th, RTT News reports. The company plans to repurchase $0.00 in shares. This repurchase authorization permits the company to repurchase shares of its stock through open market purchases. Stock repurchase programs are often 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 twelve month low of $1.32 and a twelve month high of $9.66. The firm has a market cap of $404.09 million, a P/E ratio of 21.82 and a beta of 0.76. The company has a 50 day moving average of $4.28 and a 200 day moving average of $3.47.

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