BULL Stock Is Rising Today – Everything To Know About Its $100M Share Repurchase Program

• The share repurchase program will conclude in the coming 12 months.
• Rosenblatt Securities reiterated a ‘Buy’ rating and $12.00 price target on the stock.
• The firm stated that the changed Pattern Day Trader (PDT) regulations would be significantly positive for Webull.

Shares of Webull Corporation (BULL) are on track toward the seventh consecutive session of gains on Tuesday, after the company announced a $100 million share buyback program for its Class A ordinary shares.

The company said the share buyback program would be executed over the next 12 months and would be funded with existing cash and future cash flow.

"Today's announcement reflects our continued focus on optimizing our capital structure and delivering long-term value to our shareholders," said Anthony Denier, Group President and U.S. Chief Executive Officer of Webull.

Rosenblatt’s View On Webull

Rosenblatt Securities reiterated a ‘Buy’ rating on the stock with a target price of $12. The firm stated that the changed Pattern Day Trader (PDT) regulations would be significantly positive for Webull, according to an Investing.com report. This target price implies a premium of about 62% on the stock’s current levels.

Rosenblatt also added that it sees the online trading platform as one of the biggest beneficiaries of the new PDT rules, since the company caters heavily to traders who often fell below the old threshold of $25,000.

The report noted that Rosenblatt expects the company to benefit from this consolidation, as small retail investors will no longer be required to split their trades across multiple brokers to avoid the old PDT limits.

Earlier this month, the U.S. SEC approved a proposal from the Financial Industry Regulatory Authority (FINRA) to eliminate restrictions that had capped accounts with less than $25,000 at three-day trades within any five-business-day period, according to a Reuters report.

How Did Retail Traders React?

On Stocktwits, the retail sentiment surrounding the stock has remained in the ‘extremely bullish’ territory amid ‘extremely high’ message volumes.

One user on Stocktwits said that the stock would face key resistance at $7.8.

Shares of Webull have declined more than 9% so far this year.

For updates and corrections, email newsroom[at]stocktwits[dot]com.

Read Next:  DoorDash Reportedly Explores Crypto Payouts For Gig Workers Via Tempo