Webull (BULL) stock rallied on Tuesday after the digital investment platform operator announced a $100 million share repurchase program. The company said that this program will take place over the next 12 months. During this period, Webull may repurchase up to $100 million worth of BULL stock at prevailing market prices, in privately negotiated transactions, in block trades, or through other legally permissible means.
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Webull said that it intends to fund the share repurchase program with cash on hand and future cash flow. It also noted that the timing and number of shares repurchased will be affected by various factors, including capital position, liquidity, financial performance, alternative uses of capital, share trading price, regulatory requirements, and general market conditions.
H.C. Wang, Chief Financial Officer of Webull, said, “This share repurchase program reflects our balance sheet strength and our ability to return capital to shareholders while maintaining flexibility to continue investing in our growth priorities.”
Webull Stock Movement Today
Webull stock was up 9.13% in premarket trading on Tuesday, following a 4.32% rally yesterday. Despite these gains, the stock was still down 9.78% year-to-date and has fallen 70.14% over the past 12 months.
BULL stock trading activity today saw some 3.6 million shares change hands, compared to a three-month average daily trading volume of about 11.66 million shares.
Is Webull Stock a Buy, Sell, or Hold?
Turning to Wall Street, the analysts’ consensus rating for Webull is Strong Buy, based on three Buy ratings over the past three months. With that comes an average BULL stock price target of $11.67, representing a potential 66.43% upside for the shares.
