Better Home & Finance rises after $30 mln stock buyback unveiled
BUZZ-Better Home & Finance rises after $30 mln stock buyback unveiled ** Shares of mortgage and home equity finance firm Better Home & Finance BETR.O up 3.8% at $10.30 premarket after stock buyback announced
** BETR says board authorized up to $30 mln stock repurchase; co intends to begin repurchases with an initial $10 mln phase
** Co intends to align pace of repurchases with executed operational cost savings and asset disposals, such as the proposed sale of its UK bank subsidiary
** Repurchase program expires on Oct 8, 2027
** In Aug, BETR forecasted Q3 rev below Wall Street's expectations in attempt to focus on partnership opportunities and accelerating growth in its home equity line of credit business
** Co had roughly $175 mln market cap as of last close
** Through Weds, stock plunged ~70% YTD
** 7 of 8 analysts rate the stock "strong buy" or "buy", 1 "hold"; median PT $25, per LSEG data
(Lance Tupper is a Reuters market analyst. The views expressed are his own)
((lance.tupper@tr.com 1-646-279-6380))
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