FMP
Instacart Shares Surge 8% After Announcing $500 Million Share Buyback Program
Jun 6, 2024 5:21 PM - Davit Kirakosyan
Image credit: FMP
Instacart (NASDAQ:CART) experienced a notable increase of over 8% in share price intra-day today following the announcement of a new $500 million share repurchase program. This initiative marks the company's third buyback round since September.
Instacart had already executed buybacks amounting to $1 billion, repurchasing approximately 34 million shares, which represents more than 10% of its outstanding shares.
The company has faced challenges maintaining its initial public offering (IPO) price of $30 since September. Nonetheless, recent stock rating upgrades and a market upturn have contributed to a positive shift. Currently, it is up more than 40% year-to-date.
In March, JPMorgan analysts commented that Instacart's stock buyback program helps mitigate stock volatility and adds stability, especially now that the IPO lock-up period has ended.
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