Behind the markets

3 Top Stock Buybacks – Week of 5/7

Targeting stocks with recently announced buyback programs can be beneficial for investors. Buyback programs can be seen as a signal of confidence by the company’s management in the future prospects of the business. When a company announces a buyback program, it indicates that it believes its stock is undervalued and that it has excess cash available to repurchase shares, which can be interpreted as a positive sign for investors. Buybacks can also potentially increase the value of the remaining shares by reducing the total number of shares outstanding, which could lead to higher earnings per share and potentially higher stock prices.

Here are three stock buybacks for the week –

ContextLogic Inc. – SYM: WISH
Recent Price: $6.49
Buyback Action: The Board of Directors authorized a new share repurchase of $50 million of the company’s Class A common stock, equal to 30% of its market cap at announcement.
Description: ContextLogic Inc. operates as a mobile ecommerce company in Europe, North America, South America, and internationally. The company operates Wish, an ecommerce platform that connects users to merchants.

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Euro Tech Holdings Company Limited – SYM: CLWT
Recent Price: $1.49
Buyback Action: The Board of Directors of this advanced water treatment equipment distributor approved a new share repurchase program of 230K shares equal to around 3% of its market cap at announcement.
Description: Euro Tech Holdings Company Limited primarily distributes water treatment equipment, laboratory instruments, analyzers, test kits and related supplies, and power generation equipment to commercial customers, and governmental agencies in Hong Kong and the People’s Republic of China. The company operates in two segments, Trading and Manufacturing, and Engineering. It sells analytical instruments, such as spectrophotometers, colorimeters, chromatographs, mass spectrometers, flow injector analyzers, automated sample preparation workstations, and atomic spectrometers; environmental monitoring instruments comprising air and water quality monitoring instruments; sample pre-treatment equipment; and general-purpose laboratory instruments consisting of water quality monitoring and analysis equipment.

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AGBA Group Holding Limited – SYM: AGBA
Recent Price: $2.72
Buyback Action: The Board of Directors of this financial supermarket authorized a new 1 million share repurchase program, equal to 1.7% of its market cap at announcement.
Description: AGBA Group Holding Limited together with its subsidiaries provides wealth management and healthcare institution services in Hong Kong. The company operates through Platform Business, Distribution Business, Healthcare Business, and Fintech Business segments. The Platform Business segment operates as a financial supermarket that offers financial products, such as life insurance, pensions, property-casualty insurance, stock brokerage, mutual funds, money lending, and real estate agency services. This segment serves banks, financial institutions, family offices, brokers, and individual independent financial advisors. The Distribution Business segment provides personal financial advisory services; and financial services and products, including long-term life insurance, savings, and mortgages. The Healthcare Business segment operates self-operated medical centers and a network of healthcare service providers in the Hong Kong and Macau region. The Fintech Business segment provides assets and businesses in Europe and Hong Kong. The Fintech Business segment manages financial technology investments with a spectrum of services and value-added information in health, insurance, investments, and social sharing. The company was formerly known as AGBA Acquisition Limited and changed its name to AGBA Group Holding Limited. AGBA Group Holding Limited was founded in 1993 and is headquartered in Wan Chai, Hong Kong.

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