Healthcare Triangle (HCTI) Stock: Why It Surged 24.44% Today

By Amit Chowdhry ● Jun 21, 2022
  • The stock price of Healthcare Triangle Inc (NASDAQ: HCTI) surged 24.44% today. This is why.

The stock price of Healthcare Triangle Inc (NASDAQ: HCTI) – a leading provider of Healthcare and Life Sciences cloud transformation, managed services, and data analytics platform – surged 24.44% today. Investors responded positively to Healthcare Triangle announcing that its Board of Directors has approved a share repurchase program authorizing the Company to repurchase up to $2 million of its common stock.

Under the share repurchase program, the company is authorized to repurchase from time to time shares of its outstanding common stock on the open market or in privately negotiated transactions in the United States. And the timing and amount of any share repurchases will be determined by the company’s management based on its evaluation of market conditions and other factors

The board authorized the company to purchase its common stock from time to time on a discretionary basis through open market purchases meeting certain regulatory requirements. And the company expects to fund these repurchases through existing cash balances. The decisions regarding the amount and the timing of purchases under the program will be influenced by the company’s cash on hand, cash flows from operations, general market conditions and other factors.

Healthcare Triangle is not obligated to acquire any particular amount of its common stock. And this repurchase program may be extended, suspended, or discontinued at any time without prior notice at the company’s discretion.

KEY QUOTE:

“The authorization of this share repurchase program reflects our management’s confidence in the potential of the organization and our ability to generate long-term shareholder value. With the growth momentum in our cloud-based platform and managed services business, we believe we are poised for a strong 2022 in our healthcare and life sciences businesses as we look to expand our footprint across North America and the international markets. 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.”

— Suresh Venkatachari, Chairman and Chief Executive Officer

Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.