- Nano Dimension (NASDAQ:NNDM) announced a $100 million share buyback plan.
- The program will last for one year.
- Heavy trading and positive investor reaction are sending NNDM stock higher today.
Nano Dimension (NASDAQ:NNDM) stock is rising higher on Tuesday after the manufacturing company announced a new share buyback program.
According to a press release from Nano Dimension, its Board of Directors has approved a $100 million share buyback program. This will allow to company to repurchase American Depository Shares (ADS) of its stock.
Nano Dimension notes that the share buyback plan is active for one year. The company also mentions that it isn’t required to buy back the full amount of shares that the program allows. It will be repurchasing shares from time to time throughout the year.
It’s not too surprising that NNDM stock is getting a boost from today’s news. Share buyback programs are popular among investors as they are a sign of strength. They also typically increase the price of the company’s stock.
The share buyback news has NNDM stock seeing heavy trading today. As of Tuesday afternoon, about 8 million shares of the company’s stock have changed hands. That’s quite the leap over its daily average trading volume of about 3.5 million shares.
NNDM stock is up 13.6% as of Tuesday afternoon. However, the stock is still down 28.9% since the start of the year.
Investors seeking more stock market news are in luck!
We’ve got all the hottest stock news that traders need to know about for Tuesday! That includes what has shares of Tesla (NASDAQ:TSLA), Carvana (NYSE:CVNA), and Abbott Laboratories (NYSE:ABT) stock on the move today. You can read up on all of that news at the following links!
More Stock Market News for Tuesday
On the date of publication, William White did not have (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.
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