Stock Track | New Oriental Education Soars on Increased Share Buyback Program

Stock Track2024-08-06

Shares of New Oriental Education & Technology Group (NEW ORIENTAL-S) surged 11.71% during intraday trading on Monday, following the company's announcement of an upsized share repurchase program.

The Beijing-based education company stated that it has increased the aggregate value of its share repurchase program from $400 million to $700 million. This move signals the company's confidence in its future prospects and its commitment to enhancing shareholder value.

Share repurchase programs are often viewed positively by investors, as they reduce the number of outstanding shares and can boost earnings per share. The increased buyback program from New Oriental Education suggests that the company believes its shares are undervalued and represents a good investment opportunity.

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