Stellantis (NYSE:STLA) stock is rising on Wednesday as investors react to news about the company’s share buyback plan.
A press release from the company reveals a 1.5 billion euro share buyback plan with the company intending to cancel the shares to acquire. The program will run through Dec. 31, 2023 and covers STLA stock listed on the New York Stock Exchange, Euronext Milan and Euronext Paris exchanges.
According to Stellantis, the company can move forward with this share buyback plan thanks to its “significant cash flow generation and strong balance sheet.” The company says this allows it to do so with adequate liquidity while navigating a “variety of economic and market backdrops.”
Earnings Are Also Helping STLA Stock Today
Stellantis notes that revenue jumped 18% year-over-year (YOY) to 179.6 billion euros in 2022. The company also saw net profits increase by 26% to 16.8 billion euros. Meanwhile, operating income climbed 29% higher to 23.3 billion euros.
Investors in STLA stock are seeing strong trading volume on Wednesday. That has nearly 4.5 million shares on the move as of this writing. That’s quickly closing in on the company’s daily average trading volume of about 5 million shares.
STLA stock is up 3.5% as of Wednesday morning and up 18.2% since the start of the year.
Investors seeking out more of the latest stock market news will want to keep reading!
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.