(Bloomberg) -- Instacart announced a new $500 million share repurchase program, the third round of buybacks the grocery delivery company has authorized since September as it seeks to boost confidence in its growth potential.Most Read from BloombergBehind ‘Suicide Squad,’ the Year’s Biggest Video-Game FlopReal Estate Investors Are Wiped Out in Bets Fueled by Wall Street LoansVietnam Tycoon Sentenced to Death Faces New Charges: MediaBillionaire-Friendly Modi Humbled by Indians Who Make $4 a DayA S
Instacart parent Maplebear has board approval for $500 million in share repurchases, the company said. Instacart stock jumped.
Shares of Instacart parent Maplebear jumped 9% on Thursday as investors cheered on news of more buybacks from the grocery delivery firm. Instacart’s board approved another $500 million new share repurchase program on June 2, according to a regulatory filing on Thursday. Buybacks are usually a sign of management’s optimism in the company’s growth potential and stock returns, or its attempt to boost investor confidence.