Birkenstock Shares Rise 17 Percent on Buyback Plan
Birkenstock shares rose nearly 17 percent after the firm announced a 250 million dollar buyback. Management says the stock price does not reflect fundamentals.
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Birkenstock shares rose nearly 17% midday Thursday after the footwear maker announced a $250 million accelerated share repurchase agreement. The buyback follows a sharp selloff triggered by slowing quarterly growth and a flat full-year outlook. The company believes the stock undervalues its fundamentals.
