Healthcare Triangle Inc HCTI shares are trading higher Tuesday after the company announced a $2 million buyback program.
Healthcare Triangle’s board has approved a share repurchase program authorizing the company to repurchase up to $2 million of its stock. The company said it expects to fund the buyback through existing cash balances.
Repurchased shares will be held as treasury shares and will be available for use in connection with the company’s stock plans and for other corporate purposes.
“We strongly believe there is a disconnect between our current share price and the intrinsic value of our common stock, based on what we believe to be Healthcare Triangle’s future earnings potential,” said Suresh Venkatachari, chairman and CEO of Healthcare Triangle.
Healthcare Triangle is a provider of healthcare and life sciences cloud transformation, managed services and data analytics platform.
HCTI Price Action: Healthcare Triangle has traded between $4.35 and 61 cents per share over a 52-week period.
The stock was up 75.56% at $1.58 at time of publication, according to data from Benzinga Pro.
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