GCL Global (NASDAQ:GCL) Board of Directors Authorizes Stock Buyback Plan

GCL Global (NASDAQ:GCL) announced that its board has initiated a stock repurchase program on Friday, August 28th, RTT News reports. The company plans to buyback $10.00 million in outstanding shares. This buyback authorization authorizes the company to repurchase up to 11.6% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s board believes its stock is undervalued.

Analysts Set New Price Targets

Separately, Weiss Ratings upgraded GCL Global from a “sell (d-)” rating to a “sell (d)” rating in a research report on Tuesday, August 25th. One research analyst has rated the stock with a Sell rating, According to MarketBeat.com, the stock presently has an average rating of “Sell”.

GCL Global Stock Performance

Shares of GCL stock opened at $0.69 on Monday. The stock’s fifty day moving average price is $0.50 and its two-hundred day moving average price is $0.54. The company has a market cap of $87.90 million, a PE ratio of -34.34 and a beta of 0.36. GCL Global has a fifty-two week low of $0.38 and a fifty-two week high of $3.52. The company has a debt-to-equity ratio of 0.80, a quick ratio of 1.13 and a current ratio of 1.52.

GCL Global (NASDAQ:GCL) last posted its quarterly earnings results on Friday, July 31st. The company reported ($0.08) EPS for the quarter. The firm had revenue of $70.10 million during the quarter.

GCL Global Company Profile

GCL Global Enterprises, Inc (NASDAQ: GCL) is a U.S.-based provider of residential and commercial restoration, remodeling and reconstruction services. The company specializes in water damage remediation, mold mitigation, fire and smoke damage restoration, storm and disaster recovery, and general contracting work. Through a combination of proprietary processes, licensed technicians and third-party partnerships, GCL Global delivers end-to-end project management from initial assessment through final rebuild.

In addition to its core restoration business, GCL Global offers home improvement and renovation services, including flooring, painting, cabinetry and other remodeling projects.