DocGo Inc. (DCGO), a leading provider of mobile health services powered by technology, declared on Wednesday its approval of a share repurchase program. This scheme lets the company buy back up to $36 million of its own common stock.
DocGo CEO Lee Bienstock made it clear that the company remains optimistic regarding its future potential. He articulated his belief that the recent downturn in DocGo's share price does not accurately reflect the company's worth or stock value.
The program is slated to run for six months, with its conclusion targeted for July 30. The announcement has resulted in the company's shares experiencing around a 4% increase in the pre-market activity.
According to DocGo, the approved amount signifies roughly 10% of the company's outstanding shares, based on the share price at the point when this program was authorized. It's of note that the previous buyback program of DocGo expired on November 24, 2023.
Currently, in the pre-market activity, DocGo shares are traded at $3.53, an uptick of 3.51% on the Nasdaq.
