- The stock price of Alfi Inc (NASDAQ: ALF) fell by over 15% pre-market. This is why it happened.
The stock price of Alfi Inc (NASDAQ: ALF) fell by over 15% pre-market. Investors appear to be simply collecting profits following a massive rally. Yesterday, the company stock price increased 108.85%, going from a previous close of $7.80 to $16.29.
Alfi CEO Paul Pereira told Benzinga yesterday that it is planning a $2 million buyback plan, which drove the rally.
“We will continue to buy back our stock as (a) firm commitment to our company valuation,” said Pereira in the Benzinga interview. “Our commitment to a tight float and our retail base is unwavering.”
Pereira also said he believes that the company stock is “undervalued based on pipeline projections and identified opportunity.”
Alfi had recently announced an agreement with All-Niter for delivering the first of 10,000 digital tablets to Uber and Lyft. The tablets in the ride-sharing vehicles will display digital out-of-home advertising.
Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.