It was a big day for recommendation platform Outbrain (NASDAQ:OB) investors, as the company surged on news of a stock buyback in the making. This represents a big opportunity for investors – one that they’ve been taking advantage of through most of today.
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Outbrain’s board of directors approved the repurchase plan and announced it earlier today. It will be backed up by as much as $30 million, with no requirement to buy a minimum number of shares. Naturally, those shares won’t be bought back all at once, though that is an option. Share prices, market conditions, business conditions, and the availability of other investment opportunities will all play a part in the buyback.
The gains seen today weren’t the only ones, either; in yesterday’s after-hours session, the company gained almost 9%. Interestingly, the news comes just weeks after Outbrain released another training course for its Outbrain Academy service. The course, titled “Unlocking Performance with Native,” offers marketers and publishers alike a means to better figure out how to drive traffic and profit accordingly. That’s vital for any online publishing operation these days.
Analysts are pretty happy about Outbrain’s prospects as well. Currently, analyst consensus calls Outbrain a Moderate Buy, with slightly more Buy recommendations than Hold. The company’s current share price of $5.90 gives Outbrain 53.65% upside potential as well.
