CarParts.com Announces Extension Of $30M Repurchase Plan To July 26, 2026
Portfolio Pulse from Benzinga Newsdesk
CarParts.com, Inc. (NASDAQ:PRTS) has extended its $30 million stock repurchase plan to July 26, 2026, from the original expiration date of July 26, 2024. The company has approximately $25.2 million available for repurchase and will buy back shares based on market conditions, share price, and legal requirements. The repurchase plan may be adjusted, paused, or stopped at any time. As of October 23, 2023, CarParts.com had 57,498,607 shares of common stock outstanding.
January 22, 2024 | 2:16 pm
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CarParts.com has extended its stock repurchase plan to 2026, with $25.2 million available for buybacks, potentially supporting the stock price.
The extension of the repurchase plan signals the company's commitment to returning value to shareholders, which can be viewed positively by the market. The availability of $25.2 million for repurchases represents a significant portion of the market cap, which could support the stock price in the short term. However, the impact may be moderated by the fact that the company is not obligated to repurchase shares and may adjust the plan based on market conditions.
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IMPORTANCE 75
RELEVANCE 100