Shares of Nextdoor Holdings Inc.
were higher in Wednesday’s late session, after the company said its board approved a $100 million share repurchase plan.
At 6:20 p.m. ET, the company’s shares had risen 7.8% to trade at $3.02 each. The stock ended the day’s regular session with a 1.41% loss, closing at $2.80 per share.
The company said the share repurchase program was authorized through June 30, 2024.
Nextdoor Holdings has a market cap of $1.1 billion, 116.56 million shares outstanding and a public float of 78.26 million.
Mike Doyle, the company’s chief financial officer, said, “We believe that the current macroeconomic environment, combined with the strength of our balance sheet, presents an attractive buying opportunity for our stock.”