Firsthand Technology Value Fund (SVVC) Announces Stock Buyback Program

Firsthand Technology Value Fund (NASDAQ:SVVC) announced that its Board of Directors has authorized a share repurchase plan, which authorizes the company to buyback $2.00 million in shares on Monday, November 13th, EventVestor reports. This buyback authorization authorizes the investment management company to repurchase shares of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board of directors believes its shares are undervalued.

Shares of Firsthand Technology Value Fund (NASDAQ SVVC) opened at $8.30 on Wednesday. Firsthand Technology Value Fund has a 12-month low of $7.29 and a 12-month high of $8.60.

In related news, insider Kevin M. Landis purchased 39,016 shares of the company’s stock in a transaction on Friday, September 22nd. The stock was acquired at an average cost of $9.00 per share, for a total transaction of $351,144.00. Following the completion of the transaction, the insider now directly owns 204,148 shares in the company, valued at $1,837,332. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Over the last quarter, insiders have acquired 49,416 shares of company stock valued at $434,010. Company insiders own 2.80% of the company’s stock.

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Firsthand Technology Value Fund Company Profile

Firsthand Technology Value Fund, Inc is an externally managed, closed-end, non-diversified management investment company. The Fund’s investment objective is to seek long-term growth of capital, principally by seeking capital gains on its equity and equity-related investments. It invests at least 80% of its total assets in technology companies.

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