Why Stellantis Stock Surged 15% in February
Shares of Stellantis (NYSE: STLA) jumped 15.2% in February, according to data from S&P Global Market Intelligence, after the automaker posted an 18% jump in revenue in the fourth quarter and announced it was buying back 1.5 billion euros worth of stock, about $1.6 billion at current exchange rates, with the intent to cancel shares.
The buyback program is expected to be completed by Dec. 31. Stellantis has 244 million shares remaining on its current repurchase authorization, which means there are sufficient shares allowable to complete the stock buyback as well as repurchase the 99.4 million shares owned by its Chinese joint venture partner Dongfeng that was authorized last July.
A Dodge Ram electric pickup. Image source: Stellantis.
Source Fool.com
