Nov. 3 at 3:34 PM
$FIZZ now trades at the lowest multiple - ~15x EPS - in years and the company announced it is repurchasing shares for the first time since late 19/early 20, which was itself the first time they had repurchased stock in over a decade. However the selling pressure is probably from their second largest shareholder, Renaissance, which is literally just a robot quant strategy. I imagine the CEO is attempting to instill confidence with the buyback, but you cannot instill confidence into a line of code, particularly if the robot is tax loss harvesting