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The company claimed in a statement to the Securities and Exchange Commission (SEC) that it had fully executed two prior repurchase programs totaling $1 billion, approved by its board of directors in November 2023 and February 2024. Under these schemes, Maplebear repurchased 34 million of its own shares.
There is no time limit on the new buyback initiative.
According to Market Watch, share buybacks are typically interpreted as an indication of management optimism regarding a company's prospects for growth or as an effort to uplift investor mood.
Robert Mollins, an analyst for Gordon Haskett, upgraded his advice to "buy" from "hold" for Maplebear securities, projecting a price increase for the shares to $45 from $37.
According to Mollins, a number of Wall Street analysts are raising their estimates for Maplebear's financial performance in the upcoming years, indicating that the company's securities are underestimated.
source: marketwatch.com
There is no time limit on the new buyback initiative.
According to Market Watch, share buybacks are typically interpreted as an indication of management optimism regarding a company's prospects for growth or as an effort to uplift investor mood.
Robert Mollins, an analyst for Gordon Haskett, upgraded his advice to "buy" from "hold" for Maplebear securities, projecting a price increase for the shares to $45 from $37.
According to Mollins, a number of Wall Street analysts are raising their estimates for Maplebear's financial performance in the upcoming years, indicating that the company's securities are underestimated.
source: marketwatch.com
