Share Repurchase Program Authorized by Deliveroo (OTCMKTS:DROOF)

Deliveroo (OTCMKTS:DROOF) declared that its Board of Directors has authorized a stock buyback program on Tuesday, March 18th, RTT News reports. The company plans to buyback 0 outstanding shares. This buyback authorization allows the company to reacquire shares of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its stock is undervalued.

Deliveroo Stock Performance

DROOF opened at $1.33 on Wednesday. Deliveroo has a fifty-two week low of $1.33 and a fifty-two week high of $2.24. The firm’s fifty day moving average is $1.65 and its 200 day moving average is $1.75.

About Deliveroo

Deliveroo plc, a holding company, operates an online food delivery platform in the United Kingdom, Ireland, France, Italy, Belgium, Hong Kong, Singapore, the United Arab Emirates, Kuwait, and Qatar. The company connects local consumers, shops, riders and restaurants, and grocery partners. Deliveroo plc was founded in 2013 and is based in London, the United Kingdom.