C3.Ai (NYSE:AI) is trading higher Wednesday after the company announced a $100 million buyback.
The C3 AI board of directors authorized a stock repurchase program of up to $100 million of C3 AI’s common stock over the next 18 months. The timing and number of shares actually purchased under the program will depend on market conditions and applicable legal requirements.
At the end of fiscal second quarter 2022, C3 AI had approximately $1.1 billion in cash, cash equivalents and investments on the balance sheet.
"We believe strongly in the opportunities ahead for C3 AI, and our potential for creating significant long-term value for all our stakeholders as we execute on our strategic vision," said Thomas Siebel, CEO of C3 AI. "We see this as an attractive use of capital while still allowing us to invest in our growth."
C3 AI is an enterprise AI software company.
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AI Price Action: C3 AI has traded as high as $183.90 and as low as $27.52 over a 52-week period.
The stock was up 8.88% at $33.95 at time of publication.
Photo: geralt from Pixabay.
