Home Equities Score Why Yalla Group Limited (YALA) stock is Going High today?

Why Yalla Group Limited (YALA) stock is Going High today?

Yalla Group Limited (YALA) stock announced the share repurchase program today on May 21, 2021, after which the YALA stock price saw a surge of $17.47% to reach $17.79 a share as of this writing. In the previous trading session, YALA stock was going down following the announcement of investigation against Yalla Group by Bronstein, Gewirtz & Grossman, LLC on the behalf of YALA shareholders.YALA stock went down by 6.17% at the previous closing. Let’s deep dive to explore more of it.

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What’s happening?

Yalla Group Limited (YALA) is operating as a voice-centric social networking and entertainment platform in the Middle East and North Africa. According to today’s news, the YALA board of directors has confirmed the share repurchase program according to which YALA stock may repurchase outstanding shares of worth US$150 million. The outstanding shares may be Class A ordinary shares or American depositary shares, each representing one Class A ordinary share. This repurchasing will start from May 21, 2021, and valid for the next 12 months. The repurchasing program was announced after considering the strong cash position of YALA stock and demonstrating Yalla’s continued growth and long-term prospects along with protecting shareholders’ value.

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Yalla Responded against Allegations:

Yesterday, Bronstein, Gewirtz & Grossman, LLC claimed investigations against YALA stock and its board members on the behalf of its shareholders after the Swan Street report alleged certain claims and said that Yalla’s financial statements are not credible.YALA stock in response to these allegations said that these allegations are due to a lack of understanding of Yalla’s business model and feelings and sentiments of Yalla’s user community by short-sellers. Furthermore,  YALA stock affirmed by negating the placing of robots into any of its chat rooms and manipulation of its MAU or any other operating or financial data.

Financial View of YALA stock:

In the first quarter of 2021, Yalla stock posted revenue of $67.6 million representing a breathtaking increase of 221.0% over the year.Net income for the YALA stock was US$19.8 million and net margin was 23% in the recently reported first quarter. Paying users in Yalla’s database surged from 1.6 million in Q1 2020 to 5.8 million in Q1 of 2021 which means the growth of  260.4% over the year.

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Wrap Up:

The announcement of the share repurchase program has overcome the previously bearish sentiment.YALA stock also cleared the doubts of the investors which arose due to certain recent allegations. The first-quarter report of the YALA stock is quite healthy and if continues the same momentum, it would then be a good bet for investors in the long run.

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