GPRO - Why GoPro Stock Just Popped 5%
Shares of GoPro (NASDAQ: GPRO) got fired up this morning, and are rising 5.4% through 11:11 a.m. ET after the maker of high-definition action cameras announced plans to re-up its share buyback authorization after buying back $40 million worth of shares last year.
In 2022, GoPro's board of directors authorized the spending of $100 million to repurchase cheap shares at attractive prices. (At one point last year, GoPro stock was down 54% from its price at the start of the year).
GoPro made good on much of that promise, spending $40 million on buybacks last year. With its share price still down 44% below where it started 2022, management is doubling down on its bet, announcing today that it's refilling its share buyback authorization to the $100 million level. There's no time limit set on when it must complete the buyback -- nor any guarantee that GoPro will spend the full $100 million. Nevertheless, management noted that it's already spent $5 million more on buybacks so far this year.
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Why GoPro Stock Just Popped 5%