What's Going On With Ever-Glory's Stock Today?

Ever-Glory International Group Inc EVK is surging higher Monday after the company announced a $5 million stock repurchase program.

Under the stock repurchase program, the company can purchase shares of its common stock through various means, including open market transactions and privately negotiated transactions. 

"We believe our stock is a good value, and the Board's approval of this stock repurchase program is recognition of the long-term prospects in our Company's intrinsic value and the undervalued price of our stock. Repurchasing stock underscores our commitment to enhancing shareholder value and demonstrates confidence in our business," said Yihua Kang, chairman, president, and CEO of Ever-Glory.

Ever-Glory retails branded fashion apparel and operates as an apparel supply chain solution provider.

Price Action: Ever-Glory has traded as high as $8.30 and as low as 80 cents over a 52-week period.

At last check Monday, the stock was up 127.20% at $5.13.