Caravelle International Group (NASDAQ:HTCO) Trading 6.3% Higher – Still a Buy?

Caravelle International Group (NASDAQ:HTCO) shares were up 6.3% during trading on Thursday . The company traded as high as $7.97 and last traded at $7.97. Approximately 36,981 shares were traded during trading, a decline of 7% from the average daily volume of 39,966 shares. The stock had previously closed at $7.50.

Analysts Set New Price Targets

Separately, Wall Street Zen upgraded shares of Caravelle International Group to a “hold” rating in a research report on Saturday, August 9th.

Caravelle International Group Price Performance

The firm’s 50-day moving average is $7.67 and its 200-day moving average is $14.52.

Caravelle International Group declared that its Board of Directors has initiated a stock repurchase program on Thursday, August 28th that authorizes the company to repurchase $5.00 million in shares. This repurchase authorization authorizes the company to purchase up to 7.6% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board believes its shares are undervalued.

About Caravelle International Group

Caravelle International Group, through its subsidiaries, provides ocean transportation services in Singapore and internationally. The company operates through Ocean Transportation and Heating Business segments. It provides international shipping services and carbon-neutral solutions for wood desiccation.