- LQR House (LQR) stock is climbing higher alongside a share buyback update.
- The company intends to repurchase up to $2 million worth of LQR stock.
- That news brings with it heavy trading of the company’s shares.
LQR House (NASDAQ:LQR) stock is rising higher on Tuesday after the company updated investors on its current share repurchasing efforts.
According to a news release from the company, it’s planning to repurchase up to $2 million of LQR stock. This is on top of the 1.47 million shares the company has already repurchased through the share buyback program.
LQR House believes that its shares are currently undervalued and that’s why it’s buying more. The company is doing so in hopes that it will act as a morale boost for investors in its stock.
Sean Dollinger, CEO of LQR House, said the following about the share buyback plans:
“We acknowledge that our investors have been eagerly awaiting updates on the share buyback program, and naturally, we aim to instill pride in our shareholders. Given the current market dynamics, we view the ongoing buyback at these historically low levels as a strategic decision. At LQR House, our dedication is unwavering, and we remain committed to consistently highlighting our company’s innovation and resilience in the face of market challenges.”
LQR Stock Movement on Tuesday
With today’s announcement comes heavy trading of LQR shares. As of this writing, more than 38 million shares have changed hands. That’s a massive leap over its daily average trading volume of about 10 million shares.
LQR stock is up 30.2% as of Tuesday morning but was still down 98.4% year-to-date (YTD) when markets closed on Monday.
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