IBEX Limited IBEX shares traded higher Monday after the company announced a $30 million share repurchase program.

What To Know: Under the share repurchase plan, the company may repurchase up to $30 million of its shares over the next 6 months, beginning Sept. 18.

"This share repurchase program reflects the Board's and Management's strong confidence in ibex, the value that has been created and the growth trajectory we see for our business over the long term," said Ibex CEO Bob Dechant.

"We believe the current market value of our shares does not accurately reflect the value of the Company and represents a remarkable opportunity to repurchase shares and deliver value to our shareholders."

The news comes on the heels of a massive drop in the stock's price, following worse-than-expected fourth-quarter financial results, as well as first-quarter and full-year 2024 revenue guidance below estimates.

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IBEX Price Action: Shares of IBEX were flat in the after-hours session at the time of publication, according to Benzinga Pro.

Image by Gerd Altmann from Pixabay