Why AMTD Digital Stock Is Blasting Higher
Portfolio Pulse from Erica Kollmann
AMTD Digital Inc. (NASDAQ:HKD) shares surged after the company announced a $30 million share repurchase program. The company also expects to achieve an increase of over 50% in net profit for the year ended April 30 compared to the previous year. HKD shares are trading at a high volume, with more than 26.8 million shares traded in the session, compared to the stock's 100-day average of 1.099 million shares.
August 22, 2023 | 4:53 pm
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AMTD Digital's announcement of a $30 million share repurchase program and expected increase in net profit has led to a surge in its share price. The high trading volume indicates strong investor interest.
Share repurchase programs often lead to a rise in the stock price as they reduce the number of shares in circulation, thereby increasing earnings per share. The expected increase in net profit also signals strong financial performance, which is likely to attract investors. The high trading volume further confirms this.
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