QuinStreet (QNST) stock is soaring 5.23% in pre-market trading on Wednesday following the company's announcement to resume its share repurchase program. The digital marketing company's decision to buy back shares has sparked investor interest, driving the stock price significantly higher.
The company stated early Wednesday that it plans to resume buying back shares under its previously authorized share repurchase program. This move is often viewed positively by investors as it can indicate that the company believes its stock is undervalued and can potentially increase earnings per share by reducing the number of outstanding shares.
While initial reports suggested a more modest gain of over 1% in pre-market activity, the stock's surge to 5.23% demonstrates a strong positive reaction from investors to the share repurchase news. This significant jump highlights the market's enthusiasm for QuinStreet's financial strategy and could signal increased confidence in the company's future prospects.
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