Share Buyback Program Authorized by Autobytel (ABTL) Board
Autobytel (NASDAQ:ABTL) announced that its Board of Directors has authorized a stock buyback program, which authorizes the company to buyback $3.00 million in shares on Wednesday, September 6th, EventVestor reports. This buyback authorization authorizes the information services provider to repurchase up to 34% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s board of directors believes its shares are undervalued.
Autobytel (NASDAQ:ABTL) traded up 0.91% during midday trading on Thursday, reaching $7.73. The company’s stock had a trading volume of 8,833 shares. The company’s 50-day moving average price is $9.20 and its 200-day moving average price is $11.81. Autobytel has a 1-year low of $6.63 and a 1-year high of $18.32. The company has a market capitalization of $99.47 million, a price-to-earnings ratio of 23.35 and a beta of 0.99.
Autobytel (NASDAQ:ABTL) last announced its quarterly earnings results on Thursday, August 3rd. The information services provider reported $0.19 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.12 by $0.07. Autobytel had a return on equity of 10.96% and a net margin of 3.15%. The company had revenue of $34.60 million during the quarter, compared to analyst estimates of $34.30 million. During the same quarter in the previous year, the firm posted $0.24 EPS. The firm’s quarterly revenue was down 4.2% on a year-over-year basis. On average, analysts predict that Autobytel will post $0.78 earnings per share for the current fiscal year.
Several equities research analysts recently weighed in on the company. B. Riley reaffirmed a “buy” rating and set a $20.00 price target on shares of Autobytel in a report on Wednesday, May 10th. Zacks Investment Research downgraded Autobytel from a “hold” rating to a “strong sell” rating in a report on Monday, August 14th. ValuEngine downgraded Autobytel from a “buy” rating to a “hold” rating in a report on Friday, September 1st. Finally, Barrington Research downgraded Autobytel from an “outperform” rating to a “market perform” rating in a report on Friday, August 4th.
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Autobytel Inc is an automotive marketing services company that assists automotive retail dealers and automotive manufacturers market and sell new and used vehicles to consumers through the programs for online lead referrals, dealer marketing products and services, and online advertising programs and mobile products.
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