Stock Repurchase Program Announced by CoinShares (NASDAQ:CSHR) Board of Directors

CoinShares (NASDAQ:CSHR) announced that its Board of Directors has approved a stock repurchase program on Tuesday, October 27th, RTT News reports. The company plans to buy back $40 million in outstanding shares. This repurchase authorization authorizes the company to reacquire shares of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board believes its shares are undervalued.

Analyst Ratings Changes

Several research analysts have commented on the stock. Wall Street Zen downgraded shares of CoinShares from a “hold” rating to a “sell” rating in a report on Saturday, October 17th. Keefe, Bruyette & Woods raised their price objective on CoinShares from $7.00 to $9.00 and gave the company an “outperform” rating in a research report on Tuesday, September 15th. Finally, Weiss Ratings raised CoinShares from a “sell (e-)” rating to a “sell (e)” rating in a report on Tuesday, October 6th. One equities research analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $9.00.

CoinShares Trading Up 9.8%

Shares of NASDAQ:CSHR traded up $0.37 during trading on Tuesday, reaching $4.16. The company’s stock had a trading volume of 623,920 shares. CoinShares has a 12 month low of $3.51 and a 12 month high of $10.43. The company’s 50 day moving average price is $5.09.

CoinShares (NASDAQ:CSHR) last issued its quarterly earnings data on Monday, September 14th. The company reported ($0.10) earnings per share for the quarter. The business had revenue of $7.43 million during the quarter.

About CoinShares

CoinShares International Limited is a digital asset investment company that provides investment products, services and research related to cryptocurrencies and other digital assets. The company serves institutional, professional and retail investors through its asset management and capital markets activities.

Its offerings include physically backed cryptocurrency exchange-traded products, alternative investment strategies, and other digital asset investment solutions. CoinShares also provides research, market intelligence and advisory services, while its capital markets business supports trading, lending and structured transactions involving digital assets.

Founded in 2015, CoinShares has developed operations serving clients across Europe, the United States and other international markets.