LQR House (NASDAQ:LQR) stock is rising higher on Tuesday after the company updated investors on its current share repurchasing efforts.
According to a news release from the company, it’s planning to repurchase up to $2 million of LQR stock. This is on top of the 1.47 million shares the company has already repurchased through the share buyback program.
LQR House believes that its shares are currently undervalued and that’s why it’s buying more. The company is doing so in hopes that it will act as a morale boost for investors in its stock.
Sean Dollinger, CEO of LQR House, said the following about the share buyback plans:
“We acknowledge that our investors have been eagerly awaiting updates on the share buyback program, and naturally, we aim to instill pride in our shareholders. Given the current market dynamics, we view the ongoing buyback at these historically low levels as a strategic decision. At LQR House, our dedication is unwavering, and we remain committed to consistently highlighting our company’s innovation and resilience in the face of market challenges.”
LQR Stock Movement on Tuesday
With today’s announcement comes heavy trading of LQR shares. As of this writing, more than 38 million shares have changed hands. That’s a massive leap over its daily average trading volume of about 10 million shares.
LQR stock is up 30.2% as of Tuesday morning but was still down 98.4% year-to-date (YTD) when markets closed on Monday.
Investors looking for more of the most recent stock market stories today are in luck!
We have all of the hottest stock market news that traders need to know about on Tuesday! Among that is what has shares of Tracon Pharmaceuticals (NASDAQ:TCON) stock up, the biggest pre-market stock movers this morning and more. All of that news is ready to go at the links below!
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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.