Firsthand Technology Value Fund (SVVC) to Repurchase $2.00 million in Outstanding Shares

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

Shares of Firsthand Technology Value Fund (NASDAQ:SVVC) traded up $0.27 during midday trading on Tuesday, hitting $8.32. The stock had a trading volume of 125,300 shares, compared to its average volume of 20,084. Firsthand Technology Value Fund has a twelve month low of $7.29 and a twelve month high of $8.60.

In other news, insider Kevin M. Landis acquired 39,016 shares of the company’s stock in a transaction dated Friday, September 22nd. The stock was acquired at an average cost of $9.00 per share, with a total value of $351,144.00. Following the completion of the purchase, the insider now owns 204,148 shares of the company’s stock, valued at approximately $1,837,332. The acquisition was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders bought 49,416 shares of company stock valued at $434,010 over the last ninety days. 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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