Engineering installation and security management firm DarkPulse Inc (OTCMKTS:DPLS) has been in considerable focus among investors over the course of the past few days and the trend continued yesterday as the stock soared by another 20%.
On Wednesday, DPLS stock soared 20.35% at $0.1360 with more than 62.91 million shares, compared to its average volume of 29.01 shares. The stock has moved within a range of $0.1127 – 0.1363 after opening trade at $0.1215.
DarkPulse, Inc. Announces Stock Repurchase Program
In this context, it should also be noted that the gains made by the stock over the course of the past week now stands at as much as 50%. Yesterday, DarkPulse was in the news after it announced that its Board of Directors had provided the authorisation regarding a stock buyback programme. A stock buyback is almost always seen as a positive by investors since the company effectively gives up some of its cash back to shareholders.
It was announced yesterday that under the provisions of this particular programme, the company could buy up as much as $15,000,000 worth of outstanding shares in DarkPulse.
The whole thing is expected to be conducted over the course of the next 12 months and the purchases are going to be made by DarkPulse from the open market , through private negotiations and through any other means which are covered under the Securities Exchange Act of 1935. At this point, it might be a good idea for investors to keep the track of the DarkPulse stock.
Dennis O’Leary, the Company’s Chief Executive Officer, commented, “We are pleased to announce a share repurchase program that allows us to return value to our shareholders. This action underscores our confidence in the strength of our balance sheet, quality of our assets and our ongoing ability to generate free cash flow. At recent market price levels, we believe the repurchase program is an excellent opportunity to buy our common shares at a significant discount to their intrinsic value and are an attractive investment. We can execute this buyback program and also continue forward with our planned operations due to our strong anticipated cash flow from operations and overall financial position.”
DPLS stock is trading above the 20-Day and 50-Day Moving averages of $0.10 and $0.09 respectively. Moreover, the stock is trading above the 200-Day moving average of $0.07. The stock is up 63% in the past month.