The stock of Harbor Custom Development (NASDAQ: HCDI) – the premium residential designers – surged almost 60% in Thursday mid-market trading before losing steam and settling at a current price of $2.34, still retaining a 21.2% daily increase.
The substantial gain came after the company’s Board of Directors approved a new stock repurchase program, granting the repurchase of anywhere up to $5 million worth of common stock, beginning on November 22 and running through to May 22 next year. The total repurchase amount is equal to roughly 17% of Harbor’s outstanding shares of its common stock.
Sterling Griffin, CEO and President of Harbor stated:
“The Board’s decision to authorize a stock repurchase plan demonstrates their confidence in Harbor’s business and growth opportunities we see over the long term,”
The trading plan comes just days after the company announced positive Q3 earnings, with a revenue of $18 million and a net income of $3.6 million. The repurchase program merely solidifies the company’s bold growth outlook. Harbor is in good stead for Q4 and deserves attention amongst investors looking to diversify into residential investment.
HCDI stock is trading in between $2.30 and $2.50, still improving daily gains at a current increase of 27%. Annually, Harbor is showing a loss of 45%, where it was trading in consolidation around the $3 level before dropping below in September.
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