The warehouse retailer revealed a $1 billion share repurchase program
BJ's Wholesale Club Holdings Inc (NYSE:BJ) reported a profit beat for the third quarter, and raised its annual profit forecast. The warehouse retailer also revealed a $1 billion share buyback plan.
Shares are 4.1% higher to trade at $89.24 at last check, on track to snap a three-day losing streak. Shares had been pulling back from their rally to their highest level since July, but the 50-day moving average kept those losses in check. In the last 12 months, BJ added 84.4%.
Though short sellers are already hitting the exits, with short interest down 4.1% in the most recent reporting period, there is plenty of pessimism left to unwind. The 7.08 million shares sold short still make up 5.4% of the stock's available float, or nearly a week's worth of pent-up buying power.