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Gorilla Technology Group Inc. GRRR recently announced that it plans to utilize its share repurchase program after releasing its 2024 earnings. Shares jumped 8.2% following the news. The company’s board believes the stock is “deeply undervalued” due to recent short selling and intends to use the remaining funds from its previously announced repurchase plan if the price stays low.
Gorilla Technologyis scheduled to announce 2024 financial results on March 31. The company hiked its repurchase plan to $10 million from $6 million in January to reassure its shareholders about its focus on creating value for them. Moreover, a significant portion of GRRR’s board and the entire executive management team intend to buy shares after its 2024 earnings release. This move reflects their confidence in the company’s vision and growth momentum.
Gorilla Technology strategically dismissed allegations against it, emphasizing that the individuals spreading misinformation are facing SEC and DOJ charges for fraud and market manipulation. The company questioned the credibility of these claims and assured investors that its legal teams across multiple jurisdictions are actively addressing the situation.
Rather than engaging with baseless accusations, GRRR reaffirmed its commitment to letting its business performance and strategic vision do the talking — a stance that appears to be resonating with investors.
Earlier this month, Gorilla raised its 2025 revenue estimate to $100-$110 million, up from its previous target of $90-$100 million. The company has secured multiple deals in recent months, reinforcing its growing presence in AI and advanced technology.
One standout partnership is with Global Edge Fund, a $100 billion infrastructure investment fund focused on transforming digital ecosystems across the Americas. Notably, the fund has allocated $20 billion to drive digital transformation using Gorilla’s solutions.
GRRR’s Price Performance
Shares of Gorilla Technology have surged 244.6% in the past year, outperforming the industry’s 16.6% increase.
Image Source: Zacks Investment Research
GRRR’s Zacks Rank & Other Key Picks
Gorilla Technology currently has a Zacks Rank #2 (Buy).
Some other top-ranked stocks in the broader Business Services space are Coinbase Global, Inc. COIN, Dave Inc. DAVE and PagSeguro Digital Ltd. PAGS, each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Coinbase’s current-year earnings of $7.32 per share has witnessed one upward revision in the past month against no movement in the opposite direction. COIN beat earnings estimates in three of the trailing four quarters and met once, with the average surprise being 46.2%. The consensus estimate for current-year revenues is pegged at $7.79 billion, implying 18.7% year-over-year growth.