Yalla Group (NYSE:YALA) Board Announces Share Buyback Program

Yalla Group (NYSE:YALA) declared that its Board of Directors has initiated a stock repurchase program on Monday, March 9th, RTT News reports. The company plans to repurchase $150.00 million in outstanding shares. This repurchase authorization permits the company to buy up to 13.6% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its shares are undervalued.

Yalla Group Stock Performance

Shares of YALA opened at $7.07 on Tuesday. The company has a 50 day moving average price of $7.04 and a 200-day moving average price of $7.21. Yalla Group has a fifty-two week low of $3.96 and a fifty-two week high of $9.29. The stock has a market capitalization of $1.12 billion, a PE ratio of 8.73 and a beta of 0.43.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reiterated a “hold (c+)” rating on shares of Yalla Group in a report on Wednesday, January 21st. One analyst has rated the stock with a Hold rating, According to MarketBeat, the stock has a consensus rating of “Hold”.

Yalla Group Company Profile

Yalla Group (NYSE:YALA) operates a voice-centric social networking and entertainment platform designed to connect users through live audio chat rooms, interactive voice channels and mobile gaming. Its core product, the Yalla app, allows participants in the Middle East and North Africa (MENA) region to join real-time voice discussion groups, host audio shows and send virtual gifts. Through the PokerBROS brand, the company offers a mobile-first social poker platform featuring Texas Hold’em, Chinese Poker and other variants, enabling casual and competitive gaming among a growing user base.

Founded in 2016 and incorporated in the Cayman Islands, Yalla Group established its headquarters in Riyadh with additional offices in Dubai and Asia.