There have been many stocks which have managed to record strong gains over the course of the past week and one of those is the Tetra Tech Inc (NASDAQ:FTEK) stock.
The rally in the stock continued on Tuesday as investors continued to pile on to it and sent it soaring by another 20%. That took its gains for the past week to as much as 31%. The rally is linked to an announcement last week from the board of directors at Tetra Tech. The board announced that it was going to conduct a further stock buyback programme worth as much as $400 million.
That was a significant announcement from the company in a couple of ways. First of all, it is a reflection of the fact that Tetra Tech is investors friendly and secondly, it is also an indication of the fact that the company has a strong cash pile.
Hence, it was perhaps not a surprise that investors piled on to the stock in a big way over the course of the past week. This will be the second buyback program of this nature that is going to be conducted by the company after the $200 million buyback program that had been approved back on January 2020.
