StoneCo Ltd. (NASDAQ:STNE) shares are moving higher on Friday after the company announced a share repurchase plan. Here’s what you need to know.

What To Know: Under the plan, Stone plans to repurchase shares worth up to R$ 2 billion ($344.6 million).

The repurchase plan will replace its previous program, announced last year, in which Stone repurchased a total of 13,202,939 shares at an average price of R$ 20.45 per share, totaling R$ 1.03 billion.

“We are pleased to announce the completion of our previous R$1 billion share repurchase program, underscoring our robust financial position. As part of our ongoing commitment to maximizing shareholder returns, we continuously evaluate the most effective use of our resources,” said Pedro Zinner, CEO.

“Confident in our long-term vision, we have approved a new buyback program to seize the current market opportunities. Furthermore, we are finalizing a structured framework to guide our capital allocation strategy, which will enhance transparency and align with our strategic priorities once shared with the market.”

How To Buy StoneCo Shares

By now you're likely curious about how to participate in the market for StoneCo – be it to purchase shares, or even attempt to bet against the company.

In the case of StoneCo, which is trading at $10.29 as of publishing time, $100 would buy you 9.72 shares of stock.

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STNE Price Action: At the time of writing, StoneCo stock is trading 12.2% higher at $10.41, per data from Benzinga Pro.

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