EXCLUSIVE: Alfi Rally Continues Following $2M Buyback Announcement

Alfi Inc ALF shares surged more than 50% Tuesday morning following a new buyback announcement and more encouraging commentary from the company’s CEO.

What Happened? Alfi announced a new $2 million buyback plan.

“We will continue to buy back our stock as [a] firm commitment to our company valuation,” CEO Paul Pereira told Benzinga Tuesday. “Our commitment to a tight float and our retail base is unwavering.”

In addition, Pereira told Benzina Alfi’s stock is “undervalued based on pipeline projections and identified opportunity.”

Listen to the $ALF CEO Interview Here

Related Link: As Alfi Stock Goes Parabolic, CEO Says 'We're Swinging for the Fences'

Why It’s Important: Alfi is an AI enterprise SaaS platform company that creates machine learning models for content publishers to safely deliver information.

Last week, Alfi announced an agreement with All-Niter to deliver the first of 10,000 digital tablets to Uber Technologies Inc UBER and LYFT Inc LYFT drivers. These ridesharing tablets provide a major opportunity for digital out-of-home advertising, the company has said. Alfi shows riders custom ads on its tablets that are targeted using the company’s proprietary AI technology.

Alfi shares closed out the week ending June 14 trading under $3.50 per share, but the recent news and comments from Pereira have the stock above $11 in Tuesday trading.

Pereira has repeatedly emphasized the company’s strong financial situation and commitment to responsible cash management.

“We have a strong balance sheet to execute our strategy and to create shareholder value,” Pereira said this week. We’ve been given a big bat, and we’re swinging for the fences with the goal of hitting a home run.”

Related Link: $ALF Stock Doubles After Benzinga Pro Breaking News

Benzinga’s Take: Alfi stumbled out of the gates following its early May IPO, with the stock dipping back below its IPO price of $4.15 to as low as $2.73 in late May. However, the stock has caught fire on heavy volume since its tablet announcement on June 15, and investors are optimistic that the company has a significant long-term growth runway ahead.