Upstart Holdings, Inc. (UPST) gained in the pre-market after announcing its share repurchase program in a press release. UPST values $137.22, gaining more than 25.76% compared to yesterday’s closing price. The stock closed at $109.11 at the end of the last trading session. The stock volume traded in the last trading session was around 6.8 million shares. The current market cap of the company is around $8.94 billion.
Upstart Holdings, Inc. (UPST) announced share repurchase
An artificial intelligence payment system known as Upstart Holdings, Inc. (UPST) stated today that its board of directors had approved a share repurchase program with the ability to purchase up to $400 million in common stock.
For example, Upstart may purchase shares on the open market, privately negotiated deals, or in other ways when trading programs are created under Rule 10b5-1 of the Securities Exchange Act of 1934 (as amended). The stock price, acquisition prospects, company and market conditions, organizational and regulatory needs, and other factors influence future repurchases’ timing and quantity. Upstart is under no obligation to purchase a certain number of shares of its common stock as part of the share repurchase program, and it has the discretion to cease the program at any time.
UPST CFO’s remarks
Upstart’s CFO Sanjay Datta believes that the volatility in their stock trading over the past year has provided us with the opportunity to take advantage of what they perceive to be excellent buying conditions, and their earnings put them in a position to do so.
Conclusion
Upstart Holdings, Inc. (UPST) is moving forward a step ahead in providing value to its shareholders by repurchasing shares. Upstart amongst the rising tech stock and is one of the best candidates among future tech stock. However, its stock has been on a roller coaster ride in the last few months and has crashed from reaching an all-time high of $401 per share.
