Why Laser Photonics Stock Is Rising Wednesday

Laser Photonics Corp LASE shares are trading higher by 18.18% to $2.99 Wednesday morning after the company announced the board of directors authorized a 2 million share stock repurchase program.

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Laser Photonics says purchases made under the program will be made from time to time, at the company's discretion, in the open market, through privately negotiated transactions or through other manners as permitted by federal securities laws.

"Since raising approximately $12 million in net proceeds from our IPO last October, our financial performance and fundamentals have steadily improved, while our stock price has not reflected this performance," said Wayne Tupuola, chief executive officer.

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"With approximately $1.50 per share in cash, no debt and profits, we believe the stock is significantly undervalued. Given this gap in perception, our board of directors has approved a 2 million share buyback."

According to data from Benzinga Pro, LASE has a 52-week high of $5.50 and a 52-week low of $1.50.