Home Equities Score Why StoneCo Ltd. (STNE) stock price surged in after-market?

Why StoneCo Ltd. (STNE) stock price surged in after-market?

StoneCo Ltd. (NASDAQ: STNE) a company that provides an end-to-end cloud-based technology platform for merchants to conduct electronic commerce, across in-store, online, and mobile channels, announced that its Board of Directors has authorized a share repurchase program, in accordance to which Stone may repurchase a maximum US$ 200 million in outstanding Class A common shares.

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At last check-in after-market trading, shares of StoneCo Ltd. (STNE) were up 0.9% at $61.75. STNEstock closed last session at $61.20, increasing 3.87% or $2.28. Shares of the company fluctuated between $59.3801 and $61.34 throughout the day. The shares of StoneCo Ltd. have advanced 8.99% in the last five days; however, they have lost -8.49% over the last one month.

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About share repurchase program

The latest share repurchase program substitutes the prior share repurchase program confirmed by Stone on May 13, 2019. Under the previous program, STNE repurchased accumulated 3,595,713 shares with an average price of USD 55.40 per share, which represents an amount of US$ 199.2 million.

The new repurchase program will start when Stone initiates the share repurchases, which must take place within six months counted from the Board Resolution by means of which the program approved and does not have a fixed maturity period.

 The share repurchases maybe take place in varied time via open market transactions, block trades, private transactions. The share repurchases are also subject to conditions of the market, business, and economy and, levels of available liquidity, cash requirements for corporate purposes, regulatory, and other appropriate factors.

StoneCo also added news members among its board of directors. Two new Board Committees were hired, inclusive of the Technology Committee, which was in charge of strategic technology and cyber-risks decisions, made by Mr. Scherer, Mr. Franceschi and Eduardo Pontes; and the Related Parties Committee, working for the approval of transactions which involved several related parties of the Company, composed by Mr. Thomas Patterson, Mr. Roberto Thompson Motta, and Mr. Sílvio José Morais.

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Conclusion

Authorization of share repurchase program produced adequate investor interest, with STNE stock price slightly increasing at last check.

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