LOS ANGELES - LiveOne Inc. (NASDAQ:LVO), an entertainment and technology platform, has announced the repurchase of 4.1 million shares, including 266,000 shares since April 1, at an average price of $1.875. This buyback leaves $4.75 million remaining from its authorized $10 million share repurchase program. The company also anticipates joining the Russell 2000 Index in June, a move expected to increase institutional ownership.
"We are confident in the company's future prospects and believe our stock is undervalued," said Robert Ellin, CEO of LiveOne. The share repurchases are part of an effort to align the company's interests with those of its shareholders and underscore its commitment to creating value for its investors.
The company's potential inclusion in the Russell 2000 Index could be a significant milestone, as it may lead to increased visibility and liquidity in the market.
Investors are advised that this information is based on a press release statement.
InvestingPro Insights
As LiveOne Inc. (NASDAQ:LVO) continues its share repurchase program and eyes a potential spot in the Russell 2000 Index, investors are closely monitoring the company's financial health and market performance. According to InvestingPro data, LiveOne has a market capitalization of $178.63 million and has experienced a revenue growth of 15.99% over the last twelve months as of Q3 2024. This growth is a positive sign, aligning with the company's optimistic outlook on its future prospects.
Additionally, the stock has seen a substantial return over the last three months, with a 33.93% price total return, and a remarkable 67.41% return over the last six months. This suggests a strong market performance and may reflect investor confidence in the company's strategic initiatives, including its share repurchase program. However, it's worth noting that the company's P/E ratio stands at -9.69, indicating that it is not currently profitable.
InvestingPro Tips highlight that while LiveOne operates with a moderate level of debt, its net income is expected to drop this year, and analysts do not anticipate the company will be profitable within the year. Moreover, the company does not pay a dividend to shareholders, which may be a consideration for income-focused investors.
For investors seeking a deeper analysis, there are additional InvestingPro Tips available, which can be accessed by visiting https://www.investing.com/pro/LVO. Use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, which includes further insights into LiveOne's shareholder yield, volatility, and liquidity concerns, among other metrics. InvestingPro currently lists a total of 11 tips for LiveOne, providing a comprehensive view of the company's financial standing and market potential.
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