Robin Energy (NASDAQ:RBNE) to Buyback $1.00 million in Outstanding Shares

Robin Energy (NASDAQ:RBNE) declared that its board has initiated a stock buyback plan on Tuesday, December 16th, RTT News reports. The company plans to buyback $1.00 million in outstanding shares. This buyback authorization authorizes the company to purchase up to 8.8% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

Analysts Set New Price Targets

Separately, Wall Street Zen cut shares of Robin Energy from a “hold” rating to a “sell” rating in a research note on Saturday, November 8th.

Robin Energy Stock Performance

Shares of RBNE traded up $0.08 during trading hours on Wednesday, hitting $0.89. 2,768,322 shares of the stock were exchanged, compared to its average volume of 211,647. The stock has a 50-day moving average price of $1.02. Robin Energy has a 12-month low of $0.67 and a 12-month high of $24.65. The firm has a market capitalization of $12.53 million and a P/E ratio of 22.33.

Robin Energy (NASDAQ:RBNE) last announced its earnings results on Thursday, November 13th. The company reported $0.01 earnings per share (EPS) for the quarter.

Robin Energy Company Profile

Robin Energy Ltd. operates as a holding company that provides tanker vessel services. The company was founded by Petros Panagiotidis on September 24, 2024 and is headquartered in Limassol, Cyrus.