GMBL - Stellantis (STLA) Stock Jumps on Share Buyback Plans
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Stellantis (NYSE:STLA) stock is rising on Wednesday as investors react to news about the company’s share buyback plan.
A press release from the company reveals a €1.5 billion share buyback plan with the company intending to cancel the shares to acquire. The program will run through Dec. 31, 2023 and covers its shares listed on the New York Stock Exchange, Euronext Milan, and Euronext Paris.
According to Stellantis, it can move forward with this share buyback plan thanks to its significant cash flow generation and strong balance sheet. It says this allows it to do so with adequate liquidity while navigating a variety of economic and market backdrops.
Earnings Are Also Helping STLA Stock Today
Stellantis notes that revenue jumped 18% year-over-year (YOY) in 2022 to €179.6 billion. The company also saw net profits increase by 26% to €16.8 billion while operating income climbed 29% higher to €23.3 billion.
Investors in STLA stock are seeing strong trading volume on Wednesday. That has nearly 4.5 million shares of the company’s stock on the move as of this writing. That’s quickly closing in on the company’s daily average trading volume of about 5 million shares.
STLA stock is up 3.5% as of Wednesday morning and is up 18.2% since the start of the year.
Investors seeking out more of the latest stock market news will want to keep reading!
InvestorPlace is home to all of the hottest stock market news traders need to know about on Wednesday! A few examples include what has shares of Baidu (NASDAQ:BIDU), Esports Entertainment (NASDAQ:GMBL), and CoStar (NASDAQ:CSGP) stock moving today. You can read up on all of that news at the following links!
More Wednesday Stock Market News
- The REAL Reason Baidu (BIDU) Stock Is in the Spotlight Today
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- Why Is CoStar (CSGP) Stock Down 11% Today?
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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