HireRight Adopts $25M Share Buyback Program

HireRight Holdings Corporation HRT Board of Directors has authorized an additional $25 million share repurchase program.

Under the repurchase program, the company may purchase shares on a discretionary basis from time to time through open market repurchases, privately negotiated transactions, or other means.

The repurchase program may be modified, suspended, or terminated at any time.

The company plans to fund the repurchases from its existing cash and future cash flows. 

As of June 20, 2023, HireRight had about $82.2 million in cash and equivalents.

The program follows a $100 million share repurchase program announced on November 14, 2022, and completed on June 22, 2023, in which the company repurchased 9.3 million shares at an estimated average price of $10.80.

Price Action: HRT shares closed lower by 0.47% at $10.60 on Thursday.