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Miniso (NYSE:MNSO) Stock Rises on Two Favorable Updates
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Miniso (NYSE:MNSO) Stock Rises on Two Favorable Updates

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Chinese retailer Miniso’s largest shareholder is planning to increase his holding in the company, as he believes in its long-term potential. Also, Miniso’s board approved a new share buyback plan on September 29.

Guofu Ye, the Chairman, CEO, and a majority shareholder of Miniso Group Holding (NYSE:MNSO) intends to buy an additional 0.3% of the total issued share capital of MNSO stock or American depositary shares (ADS). Ye plans to buy the securities in the next twelve months using his personal funds. The aggregate value of such purchases would be approximately $5 million.

Miniso is a Chinese retail chain store offering a variety of design-led lifestyle products. Ye is the largest shareholder of Miniso and owns about 61.6% of its total issued shares directly or indirectly through Mini Investment Limited, YGF MC Limited, and YYY MC Limited.

Furthermore, Miniso’s board of directors approved a new share buyback plan of up to $100 million of its shares or ADS effective September 29, with a one-year validity. The board approved the new plan following the expiration of the old share buyback plan adopted in December 2021. Following the news, MNSO stock gained 2.5% in Thursday’s intraday trading and extended the gains in the after-hours trading session.

Is Miniso Stock a Buy?

On TipRanks, MNSO stock has a Moderate Buy consensus rating. This is based on two Buy ratings during the past three months. The average Miniso price target of $11.50 implies a whopping 130.9% upside potential to current levels. Meanwhile, Miniso stock has lost 50.6% so far this year.

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