Virco Manufacturing (VIRC) has disclosed a new risk, in the Share Price & Shareholder Rights category.
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Virco Manufacturing’s board authorized a stock repurchase program of up to $5 million on December 5, 2023, yet no shares were repurchased in the fiscal quarter ending July 2024. Despite the absence of activity, the company retains the flexibility to buy back shares under this program, which includes open market or private transactions and is not constrained by a minimum purchase requirement. The lack of repurchases, which could be a strategic decision or a sign of potential liquidity issues, leaves the remaining authorization at $3,501,551. This cautious approach to stock repurchases could signal management’s preference to maintain cash reserves or could alternatively reflect an assessment of the stock’s fair value.
The average VIRC stock price target is $20.00, implying 44.82% upside potential.
To learn more about Virco Manufacturing’s risk factors, click here.