GCL Global (NASDAQ:GCL) to Buyback $10.00 million in Outstanding Stock

GCL Global (NASDAQ:GCL) declared that its board has approved a share buyback plan on Friday, August 28th, RTT News reports. The company plans to buyback $10.00 million in outstanding shares. This buyback authorization authorizes the company to buy up to 11.6% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.

GCL Global Price Performance

NASDAQ:GCL traded up $0.01 during mid-day trading on Friday, reaching $0.69. 5,607,651 shares of the stock were exchanged, compared to its average volume of 969,072. The company has a current ratio of 1.52, a quick ratio of 1.13 and a debt-to-equity ratio of 0.80. The business has a fifty day moving average price of $0.50 and a 200 day moving average price of $0.54. GCL Global has a 1-year low of $0.38 and a 1-year high of $3.52. The firm has a market capitalization of $87.90 million, a PE ratio of -34.34 and a beta of 0.36.

GCL Global (NASDAQ:GCL) last issued its quarterly earnings results on Friday, July 31st. The company reported ($0.08) earnings per share for the quarter. The business had revenue of $70.10 million for the quarter.

Analyst Ratings Changes

Separately, Weiss Ratings upgraded GCL Global from a “sell (d-)” rating to a “sell (d)” rating in a research report on Tuesday. One equities research analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the company presently has a consensus rating of “Sell”.

GCL Global Company Profile

GCL Global Enterprises, Inc (NASDAQ: GCL) is a U.S.-based provider of residential and commercial restoration, remodeling and reconstruction services. The company specializes in water damage remediation, mold mitigation, fire and smoke damage restoration, storm and disaster recovery, and general contracting work. Through a combination of proprietary processes, licensed technicians and third-party partnerships, GCL Global delivers end-to-end project management from initial assessment through final rebuild.

In addition to its core restoration business, GCL Global offers home improvement and renovation services, including flooring, painting, cabinetry and other remodeling projects.