If you are looking into the payments space today for stocks then it may be a good time to look into the Exela Technologies Inc (NASDAQ:XELA) stock, which clocked gains of as much as 9% on Monday.
Trading Data
On Monday, XELA stock soared 9.23% to $0.3823 with 107.43 million shares, compared to its average volume of 50.80 million shares. The stock moved within a range of $0.3700 – 0.4272 after opening trade at $0.4137.
Major Trigger
The payment processing firm was in considerable focus among investors yesterday after it emerged that the company was going to go for a stock buyback initiative. Yesterday the company announced that it was going to have a stock buyback programme which will entail the buyback of shares worth as much as $100 million, with the shares priced at $1.25 each.
The rally in the stock is understandable considering the fact that the pricing worked out to a premium of as much as 257% from the closing price of the stock back on April 15. The investors have been given a deadline of until May 16, 2020 up until when they are going to be able to exchange shares in blocks of 20 shares for $25.
It is now going to be interesting to see if the Exela stock can manage to hold on to its momentum today and continue to add to its gains over the course of the coming days.
Technical Data
XELA stock is trading below the 20-Day and 50-Day Moving averages of $0.42 and $0.57 respectively. Moreover, the stock is trading below the 200-Day moving average of $1.49.
