It’s not every day in the penny stock world we discuss quarterly results, but when there’s a sales beat paired with a massive share repurchase program announcement, we couldn’t resist digging into this Seattle-based small cap.
Following yesterday’s close, %RoverGroup () announced that the company reported better-than-expected sales results. Not only this, but the company announced plans for a $50 million share buyback program. This naturally led to shares rallying on Tuesday as traders pushed the price up to $4.38/share (+15.57%) at the session high.
Rover Group Inc is an online marketplace for %PetCare based on gross booking value or GBV. The company connects pet parents with loving pet care providers who offer overnight services, including boarding and in-home pet sitting, as well as daytime services, including doggy daycare, dog walking, and drop-in visits. The user-based platform extends across the U.S., Canada, the U.K., Spain, France, Norway, Sweden, Netherlands, Italy and Germany. For pet care providers, the company built tools to easily create a listing in the marketplace along with simple tools for scheduling and booking care, communicating with pet parents, and receiving payment. The company generates revenue from facilitating the connection between pet care providers and pet parents.