Nano Dimension stock surges after announcing buyback program that represents nearly one-third of its market cap

Shares of Nano Dimension Ltd.
NNDM,
+5.02%
bounced 7.9% in premarket trading Monday, after the 3D printer maker announced a share repurchase program that represented nearly one-third of the company’s market capitalization. The stock had plunged 13.6% last week, in the wake of the company’s announcement that it was pulling its tender offer for shares of Stratasys Ltd., and said it was considering a possible sale of its 14.1% stake in the company. On Monday, Nano Dimension said it may now buy back up to $227.5 million shares, which represents 31.5% of the company’s market cap of $721.4 million as of Friday’s close. The stock has rallied 21.3% year to date through Friday, while the S&P 500
SPX,
+0.30%
has gained 16.6%.