Radiant Logistics Announces Renewal Of Its Stock Repurchase Program To Purchase Up To 5M Shares Of The Company's Common Stock Through December 31, 2025
Portfolio Pulse from Benzinga Newsdesk
Radiant Logistics, Inc. (NYSE:RLGT) has announced the renewal of its stock repurchase program, authorizing the buyback of up to 5 million shares through December 31, 2025. The repurchases will be funded by cash on hand, credit facilities, and future cash flows. The timing and amount of repurchases will depend on market conditions, stock price, and other factors. The program is flexible and may be suspended or terminated at any time. The CEO believes the repurchase is a good investment opportunity, suggesting the current stock price undervalues the company's growth prospects.
December 05, 2023 | 9:15 pm
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Radiant Logistics has renewed its stock repurchase program, planning to buy back up to 5 million shares by the end of 2025, indicating a potential undervaluation of the stock according to the CEO.
Stock repurchase programs often signal to the market that a company's leadership believes its shares are undervalued, which can lead to increased investor confidence and a potential short-term increase in stock price. The commitment to repurchase shares also indicates a use of excess cash for shareholder value enhancement, which is typically viewed positively by the market. However, the actual impact will depend on the execution of the buyback and overall market conditions.
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