Last Week's Biggest Stock Buyback Authorizations

Discover last week's biggest stock buyback authorizations, May 29



Sector: Basic Materials
Industry: Specialty Chemicals
Subindustry: Renewable Energy

Gevo, Inc. (GEVO), a leading renewable chemicals and advanced biofuels company, recently announced its Board of Directors' approval of a stock repurchase program, authorizing the buyback of up to $25 million of its common stock. This strategic move aims to provide Gevo with the opportunity to repurchase shares while maintaining the necessary funding for its ongoing development projects. Dr. Patrick R. Gruber, Gevo's CEO, expressed confidence in the future of the company and highlighted the potential for enhanced value through this program. The stock repurchases will be conducted at prevailing market prices or through privately negotiated transactions, in adherence to relevant securities laws and other legal requirements. H.C. Wainwright & Co. has been entrusted with executing the stock repurchase program on behalf of Gevo.


Sector: Technology
Industry: Computer Hardware
Subindustry: Data Vendors

NetApp, a leading data management and storage solutions provider, recently announced its fourth-quarter and fiscal year 2023 results, reporting net revenues of $1.58 billion for the fourth quarter and $6.36 billion for the fiscal year. Despite a slight decrease in net revenues compared to the previous year, NetApp demonstrated significant innovation, introducing new storage systems and storage programs to help customers future-proof their environments. NetApp was recognized for its achievements in GigaOm's annual Radar reports and saw an increase in GAAP net income per share. NetApp's strong financial performance allowed it to return $1.28 billion to shareholders in fiscal year 2023, representing 116% of cash from operations and 148% of free cash flow. In light of its financial success and confident outlook, NetApp authorized a new share repurchase of $1 billion.


Sector: Financial Services
Industry: Banks—Regional
Subindustry: Savings Institution Federally Chartered

NorthEast Community Bancorp, Inc. (NECB), the holding company for NorthEast Community Bank, has recently authorized a new stock repurchase program, allowing the acquisition of up to 1,509,218 shares, which represents 10% of the currently issued and outstanding common stock. This follows the completion of their previous stock repurchase program, which cost $22.8 million and involved the purchase of 1,637,794 shares at an average cost of $13.93 per share. The new program allows for repurchases through open market or privately negotiated transactions, as well as in accordance with Rule 10b5-1 of the Securities and Exchange Commission. The timing and quantity of shares repurchased will depend on various factors, including price, market conditions, and NorthEast Community Bancorp's liquidity requirements. The stock repurchase program is flexible and may be extended, modified, or discontinued as needed.


Sector: Healthcare
Industry: Health Information Services
Subindustry: Healthcare Facilities

Sharecare, the digital health company focused on helping individuals manage their health in one place, has recently concluded its strategic review process. After careful evaluation and with confidence in the company's long-term strategy and financial position, Sharecare's Board of Directors has authorized a $50 million stock repurchase program. This decision reflects the Board's belief that Sharecare's shares are undervalued and presents an attractive investment opportunity. Sharecare aims to maximize value for shareholders by executing its strategic plan, which focuses on driving growth and efficiencies across its three complementary business channels. Sharecare's leadership is also implementing initiatives to enhance synergies and cross-selling opportunities among its business channels, enabling integrated care solutions, Health Insight & Data Solutions, and Customer Activation & Management Solutions. These strategic moves, coupled with investments in the salesforce and innovation, are expected to drive long-term growth and expand adjusted EBITDA margins. Sharecare plans to fund the stock repurchases using its existing cash and cash equivalents, and the program will be executed based on various factors, including prevailing market conditions and regulatory requirements.

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