Stitch Fix shares soar 12% after share buyback program announced

29371 stitch fix shares soar 12 after share buyback program announced

Stitch Fix Inc. SFIX, -2.16% stock soared 12% in Thursday trading after the online personal styling service announced a $150 million share buyback program. “This share repurchase program reflects the confidence we have in our strategy, unique value proposition and the growth potential ahead for Stitch Fix, which we believe is not reflected in the current market valuation,” said Chief Executive Elizabeth Spaulding in a statement. Stitch Fix shares plunged last month after its fiscal first-quarter earnings announcement. The stock was downgraded and its price target slashed at multiple research groups. Stitch Fix stock has plunged more than 67% over the last year while the benchmark S&P 500 index SPX, -0.41% has gained 25.6%.

Source: Marketwatch

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