HEMNET GROUP AB

Hemnet's board has suspended the buyback program of up to SEK 600 million to "preserve full financial flexibility in a transformative phase." The suspension takes effect on 14 September and led to a share decline of around 15%. Since the program started on 8 May, Hemnet bought 2,102,950 shares worth about SEK 189.3 million and now holds 3,064,110 treasury shares of 92,625,346 outstanding shares. Any possible resumption of the buyback will be announced separately. » Więcej na de.investing.com

JPMorgan upgraded Hemnet from "underweight" to "overweight" and raised the price target from 81 SEK to 126 SEK, after which the stock jumped about 9.6% to 105.3 SEK. The bank justifies the reversal with a more attractive valuation following the price decline and expectations of a recovery in listing volumes over the next twelve months. Hemnet had lost around 42% year-to-date and was trading well below levels analysts considered fair value; today's rally was mostly company-specific. » Więcej na de.investing.com

Hemnet shares climbed 7.7% to SEK 88 after the pre-market release of Q2 results, which beat negative market expectations. Management held a two-hour investor presentation focused on the AI strategy, product and sales updates, and a half-year review of the Swedish property market. The announcement of Peter Messner as new CFO effective July 20 reinforced leadership continuity. Large short positions accelerated the share rally; the rise was company-specific, as broader markets remained weak. » Więcej na de.investing.com