American Outdoor Brands jumps on buyback plan

American Outdoor Brands

30/09/2022 16:04

**  American Outdoor Brands Inc's  AOUT.O  shares up 11.6%
at $8.98 on Fri as co looks to buy back its stock
    ** AOUT on track for biggest one-day pct gain in exactly a
month
    ** Firearms accessories and sporting goods maker says board
approved $10 mln share repurchase program effective immediately
    ** "Our strong balance sheet and anticipated positive cash
flow enable us to prioritize investing for growth, both
organically and through opportunistic and accretive M&A
activity, while maintaining our commitment to returning capital
to our stockholders," CEO Brian Murphy said in statement
    ** Earlier this month, AOUT reported fiscal Q1 net sales
fell 28% to $44 mln and net loss of $5.7 mln  urn:newsml:reuters.com:*:nL4N30F3MV
    ** Co had market cap of ~$108 mln through Thurs close, per
Refinitiv data
    ** With move on Fri, shares down 55% YTD
    ** All 4 analysts covering AOUT rate stock "buy" with $11
median PT - Refinitiv
 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))