Yalla Group (NYSE:YALA) to Buyback $150.00 million in Outstanding Shares

Yalla Group (NYSE:YALA) declared that its board has authorized a share repurchase program on Monday, March 9th, RTT News reports. The company plans to buyback $150.00 million in outstanding shares. This buyback authorization permits the company to repurchase up to 13.6% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s board believes its shares are undervalued.

Yalla Group Stock Performance

YALA traded up $0.08 during midday trading on Monday, reaching $7.07. The company had a trading volume of 383,124 shares, compared to its average volume of 168,414. The business has a 50-day moving average price of $7.04 and a two-hundred day moving average price of $7.21. Yalla Group has a 12-month low of $3.96 and a 12-month high of $9.29. The stock has a market cap of $1.12 billion, a PE ratio of 8.73 and a beta of 0.43.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reissued a “hold (c+)” rating on shares of Yalla Group in a research note on Wednesday, January 21st. One equities research analyst has rated the stock with a Hold rating, According to MarketBeat, the stock has a consensus rating of “Hold”.

Yalla Group Company Profile

Yalla Group (NYSE:YALA) operates a voice-centric social networking and entertainment platform designed to connect users through live audio chat rooms, interactive voice channels and mobile gaming. Its core product, the Yalla app, allows participants in the Middle East and North Africa (MENA) region to join real-time voice discussion groups, host audio shows and send virtual gifts. Through the PokerBROS brand, the company offers a mobile-first social poker platform featuring Texas Hold’em, Chinese Poker and other variants, enabling casual and competitive gaming among a growing user base.

Founded in 2016 and incorporated in the Cayman Islands, Yalla Group established its headquarters in Riyadh with additional offices in Dubai and Asia.