Why Smart Share Global Stock Charged Higher Today

Shares of Smart Share Global (NASDAQ: EM) soared higher Wednesday, surging by as much as 69.7% before giving back some of its gains. The stock ended the trading day up 36.2%.

The consumer tech company, which provides mobile-device charging services, announced a substantial stock buyback plan, and that got investors all charged up.

In a press release that dropped after Tuesday's market close, Smart Share announced that its board of directors had approved a share repurchase plan for as much as $50 million over the coming 12 months. 

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Source Fool.com