GOED - Why Goedeker Stock Jumped 16% Today
Shareholders of 1847 Goedeker (NYSEMKT: GOED) trounced the market on Tuesday, with shares rising 16% by 1:15 p.m. ET, compared to a 0.7% increase in the wider market. Investors applauded the company's newly announced stock buyback program.
Goedeker, which specializes in e-commerce sales of home appliances, announced a stock repurchase program of $25 million, which is significant given the company's small market capitalization of below $300 million. Those buybacks reflect management's growing confidence in its business, and a shift in strategy to begin rewarding shareholders with direct cash.
"We want to be able to buy back shares when our own financial position and market conditions permit," CEO Albert Fouerti said in a press release .
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Why Goedeker Stock Jumped 16% Today