Cango shares are trading higher after the company announced a share repurchase program of up to $50 million.
Portfolio Pulse from Benzinga Newsdesk
Cango Inc. announced a share repurchase program of up to $50 million, leading to an increase in its stock price.
April 23, 2024 | 10:08 am
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Cango Inc. has initiated a share repurchase program valued at up to $50 million, which has positively impacted its stock price.
Share repurchase programs often lead to an increase in stock price as they can indicate that the company believes its stock is undervalued and they reduce the number of shares outstanding, potentially increasing earnings per share.
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