Nova Lifestyle (NVFY) to Repurchase $5.00 million in Outstanding Stock
Nova Lifestyle (NASDAQ:NVFY) announced that its board has authorized a share repurchase program, which authorizes the company to buyback $5.00 million in outstanding shares on Tuesday, December 12th, EventVestor reports. This buyback authorization authorizes the company to buy shares of its stock through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its shares are undervalued.
Separately, ValuEngine cut shares of Nova Lifestyle from a “buy” rating to a “hold” rating in a report on Friday, September 1st.
Shares of Nova Lifestyle (NASDAQ NVFY) opened at $1.95 on Friday. The company has a current ratio of 74.16, a quick ratio of 66.69 and a debt-to-equity ratio of 0.05. Nova Lifestyle has a 1-year low of $1.06 and a 1-year high of $3.10. The firm has a market cap of $53.95, a P/E ratio of 49.25 and a beta of 1.81.
Nova Lifestyle (NASDAQ:NVFY) last released its quarterly earnings data on Monday, November 13th. The company reported $0.11 earnings per share for the quarter. Nova Lifestyle had a net margin of 1.64% and a return on equity of 1.31%. The company had revenue of $33.22 million for the quarter.
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Nova Lifestyle Company Profile
Nova LifeStyle, Inc is a manufacturer of contemporary styled residential furniture incorporated into a marketing and sales platform offering retail, as well as online selection. The Company operates through the design, manufacture and sale of furniture segment. The Company monitors trending and work to create design elements that are then integrated into its product lines that can be used as standalone, as well as whole room and home furnishing solutions.
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