Cango (NYSE:CANG) Board of Directors Announces Stock Repurchase Plan

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

Cango Price Performance

Shares of NYSE:CANG traded up $0.03 during trading on Thursday, hitting $3.35. The company’s stock had a trading volume of 139,173 shares, compared to its average volume of 259,297. Cango has a 12 month low of $1.32 and a 12 month 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. The company has a 50-day moving average of $4.31 and a 200-day moving average of $3.45.

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 firm 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%.

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.