Red Violet Announced That On Dec. 19, 2023, Its Board Of Directors Authorized The Repurchase Of An Additional $5M Of The Company's Common Stock
Portfolio Pulse from Benzinga Newsdesk
Red Violet's Board of Directors has authorized an additional $5M for the repurchase of the company's common stock, effective immediately. This is in addition to the existing $5M program, which had $500K remaining. Since November 3, 2023, Red Violet has bought back 93,814 shares at an average price of $19.97, and since May 2, 2022, it has repurchased $4.5M of stock at an average price of $18.78.
December 20, 2023 | 1:09 pm
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POSITIVE IMPACT
Red Violet's additional $5M stock repurchase program signals confidence in the company's value and may support the stock price in the short term.
Stock repurchase programs often indicate a company's belief that its shares are undervalued and can lead to a reduction in the number of shares outstanding, potentially increasing earnings per share and the stock price. Given that Red Violet is continuing its repurchase strategy with an additional $5M, this could be perceived positively by investors and may result in a short-term uplift in the stock price.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100