Stock Repurchase Program Declared by Cango (NYSE:CANG) Board of Directors

Cango (NYSE:CANG) declared that its board has approved a share repurchase program on Thursday, March 13th, RTT News reports. The company plans to buyback $0.00 in shares. This buyback authorization permits the company to purchase shares of its stock through open market purchases. Shares buyback programs are often an indication that the company’s management believes its shares are undervalued.

Cango Stock Up 0.8 %

Cango stock traded up $0.03 during midday trading on Thursday, reaching $3.35. The stock had a trading volume of 139,173 shares, compared to its average volume of 259,297. The company has a fifty day moving average of $4.31 and a 200 day moving average of $3.45. Cango has a 52-week low of $1.32 and a 52-week high of $9.66. The firm has a market cap of $364.44 million, a price-to-earnings ratio of 19.68 and a beta of 0.76.

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

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.