Why AMTD Digital Stock Is Blasting Higher

AMTD Digital Inc. HKD shares are blasting higher Tuesday after the company announced a $30 million share repurchase program.

The Details:

AMTD Digital announced that its board of directors have authorized a share repurchase program under which the company may repurchase up to $30 million of its American depositary shares or ordinary shares until the close of business on December 29.

Last Wednesday, AMTD Digital announced that it is expects to achieve an increase of over 50% in net profit for the year ended April 30 as compared to the previous year.

HKD shares are moving higher on extremely heavy trading volume. According to data from Benzinga Pro, more than 26.8 million shares have been traded in the session, compared to the stock's 100-day average of 1.099 million shares.

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HKD Price Action: According to Benzinga Pro, HKD shares are up by 57% at $7.88 at the time of publication.

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