Benzinga | Mar 8, 2021 07:29AM EST

Liquidity Services Approves $10M Stock Buyback

* B2B e-commerce marketplace Liquidity Services Inc (NASDAQ: LQDT) announced the board authorization for a stock buyback program of up to $10 million through March 31, 2023.

* The company EPS amounted to $0.17 in the first quarter of FY21, exceeding analyst estimate by $0.09. Revenue rose 13% to $55.8 million, driven by a 28% GMV growth, missing consensus estimates by $5.91 million.

* It completed $4.1 million in share repurchases during Q1-FY21 and exited the quarter with a cash position of $77.8 million, a $1.8 million increase from Q4-FY20, and zero debt.

* The stock has gained over 281% in the last year.

* Price action: The stock closed higher by 0.75% at $16.21 on Friday.