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

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

Cango Stock Performance

Cango stock opened at $3.71 on Friday. The stock’s 50 day simple moving average is $4.28 and its two-hundred day simple moving average is $3.47. The stock has a market cap of $404.09 million, a price-to-earnings ratio of 21.82 and a beta of 0.76. Cango has a fifty-two week low of $1.32 and a fifty-two week high of $9.66.

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

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.