CoinShares (NASDAQ:CSHR) Initiates Share Buyback Plan

CoinShares (NASDAQ:CSHR) declared that its board has approved a share buyback program on Tuesday, October 27th, RTT News reports. The company plans to buy back $40 million in shares. This repurchase authorization authorizes the company to buy shares of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board believes its stock is undervalued.

CoinShares Stock Performance

Shares of CSHR traded up $0.37 during mid-day trading on Tuesday, hitting $4.16. The company’s stock had a trading volume of 623,920 shares. The company has a 50-day moving average price of $5.09. CoinShares has a 52-week low of $3.51 and a 52-week high of $10.43.

CoinShares (NASDAQ:CSHR) last released its quarterly earnings data on Monday, September 14th. The company reported ($0.10) earnings per share (EPS) for the quarter. The firm had revenue of $7.43 million for the quarter.

Analyst Upgrades and Downgrades

Several research firms recently commented on CSHR. Weiss Ratings raised shares of CoinShares from a “sell (e-)” rating to a “sell (e)” rating in a research note on Tuesday, October 6th. Keefe, Bruyette & Woods lifted their price objective on shares of CoinShares from $7.00 to $9.00 and gave the company an “outperform” rating in a report on Tuesday, September 15th. Finally, Wall Street Zen cut shares of CoinShares from a “hold” rating to a “sell” rating in a research report on Saturday, October 17th. One research analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $9.00.

About CoinShares

CoinShares International Limited is a digital asset investment company that provides investment products, services and research related to cryptocurrencies and other digital assets. The company serves institutional, professional and retail investors through its asset management and capital markets activities.

Its offerings include physically backed cryptocurrency exchange-traded products, alternative investment strategies, and other digital asset investment solutions. CoinShares also provides research, market intelligence and advisory services, while its capital markets business supports trading, lending and structured transactions involving digital assets.

Founded in 2015, CoinShares has developed operations serving clients across Europe, the United States and other international markets.