Share Buyback Program Declared by GCL Global (NASDAQ:GCL)

GCL Global (NASDAQ:GCL) declared that its Board of Directors has initiated a share buyback program on Friday, August 28th, RTT News reports. The company plans to repurchase $10.00 million in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 11.6% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s leadership believes its stock is undervalued.

Wall Street Analyst Weigh In

Separately, Weiss Ratings raised GCL Global from a “sell (d-)” rating to a “sell (d)” rating in a research report on Tuesday. One research analyst has rated the stock with a Sell rating, According to MarketBeat, the stock has a consensus rating of “Sell”.

GCL Global Trading Up 1.7%

Shares of GCL traded up $0.01 during midday trading on Friday, hitting $0.69. The stock had a trading volume of 5,607,651 shares, compared to its average volume of 969,072. GCL Global has a fifty-two week low of $0.38 and a fifty-two week high of $3.52. The business has a 50-day simple moving average of $0.50 and a two-hundred day simple moving average of $0.54. The firm has a market cap of $87.90 million, a P/E ratio of -34.34 and a beta of 0.36. The company has a current ratio of 1.52, a quick ratio of 1.13 and a debt-to-equity ratio of 0.80.

GCL Global (NASDAQ:GCL) last released its quarterly earnings results on Friday, July 31st. The company reported ($0.08) earnings per share (EPS) for the quarter. The firm had revenue of $70.10 million for the quarter.

About GCL Global

GCL Global Enterprises, Inc (NASDAQ: GCL) is a U.S.-based provider of residential and commercial restoration, remodeling and reconstruction services. The company specializes in water damage remediation, mold mitigation, fire and smoke damage restoration, storm and disaster recovery, and general contracting work. Through a combination of proprietary processes, licensed technicians and third-party partnerships, GCL Global delivers end-to-end project management from initial assessment through final rebuild.

In addition to its core restoration business, GCL Global offers home improvement and renovation services, including flooring, painting, cabinetry and other remodeling projects.