Nisun International initiates $550,000 stock buyback program
- Nisun International repurchased 39,112 shares for a total of $552,508 under its buyback program initiated on October 9, 2024.
- The company believes that the buybacks will enhance shareholder value, as the stock is undervalued with a low price-to-earnings ratio.
- The CEO reinforced the commitment to ongoing stock buybacks, confident in the long-term growth potential of the company, benefiting existing shareholders.
On October 25, 2024, Nisun International Enterprise Development Group Co., Ltd., a Shanghai-based integrated supply chain solutions provider, disclosed its initial stock buyback under a $15 million program. The company repurchased 39,112 shares at an average price of $14.1263, totaling $552,508. This move, which occurred on October 17, 2024, is noteworthy as it reflects the company’s strategy to utilize its cash reserves effectively amidst market conditions where its stock trades at a low price-to-earnings ratio below 3. With the aim of enhancing shareholder value, Nisun International’s CEO, Mr. Xin Liu, expressed confidence in the company's long-term growth potential, citing the significant discount in stock price as a favorable opportunity for investors. The company plans to continue the buyback program to further reduce outstanding shares and potentially improve earnings per share (EPS). This decision aligns with Nisun International's ongoing commitment to industrial and financial integration within its operations, helping to support reform in various supply-side sectors.