StoneCo Ltd. (NASDAQ: STNE) has confirmed the new share buyback program. StoneCo disclosed that its Board of Directors has approved the buyback program under which the firm is allowed to buyback more than US$ 200 million in outstanding Class A common shares. Earlier, the firm has announced the Buyback program on May 13, 2019.
This latest share buyback program is the substitute for the previous one. As per the previous program, Stone buy back a total of 3,595,713 shares on an average price of USD 55.40 per share, with a total amount of US$ 199.2 million. Stone has gained recognition as the prominent provider of financial technology solutions that enable merchants to carry out commerce flawlessly across multiple channels and assist them to boost their businesses.
Shares of StoneCo soared 3.87% at $61.20 during the trading session of Thursday. The share of the firm has gained +2.28 on Thursday’s session. In the past 52-weeks of the trading session, the share of the firm has wavered $23.56 and $95.12 in the past 52-week of low and high range, respectively. StoneCo has recorded a total market capitalization of $18.00 billion at the time of writing.
The new buyback program will come into action when Stone commences the share buyback process, which must happen within six 6 months taken into account as of the date of the Board Resolution by way of which the program has been approved. The program does not have a fixed expiration date.