NEW YORK (TheStreet) -- Wireless Telecom Group (WTT) shares are up 5.9% to $2.68 in trading on Friday.
The jump follows the company's announcement that it had repurchased 4,815,110 of its common stock representing approximately 20% of its total outstanding shares prior to the repurchase.
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The company paid approximately $9.6 million or about $2 per share.
Separately, Horton Capital Fund acquired 1,657,556 shares, or about 8.6% of the company.
"We are excited to have completed the transaction and look forward to the growth opportunities ahead. We believe the stock repurchase represents an attractive use of our capital and reflects our commitment to the enhancement of long-term shareholder value," said CEO Paul Genova.
TheStreet Ratings team rates WIRELESS TELECOM GROUP INC as a Buy with a ratings score of B-. TheStreet Ratings Team has this to say about their recommendation:
"We rate WIRELESS TELECOM GROUP INC (WTT) a BUY. This is driven by several positive factors, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, solid stock price performance, growth in earnings per share and compelling growth in net income. Although no company is perfect, currently we do not see any significant weaknesses which are likely to detract from the generally positive outlook."