Here's Why BeautyHealth Stock Soared Today
Shares of The Beauty Health Company (NASDAQ: SKIN), which is known for its Hydrafacial treatments, soared on Tuesday after the company announced that it was using its strong balance sheet to reward shareholders. As of 12:45 p.m. ET, BeautyHealth stock was up 11%.
According to today's official press release, BeautyHealth's management is using $200 million to repurchase shares. Of this $200 million plan, $100 million is designated for accelerated use. The plan is to repurchase roughly 7.7 million shares on Sept. 29, just two days from now.
Keep in mind that the market capitalization of BeautyHealth stock was about $1.6 billion at the close of the market yesterday. Today's share buyback plan, therefore, represents around 12% of total shares outstanding -- a substantial announcement.
Source Fool.com
