Horizon Technology, a Farmington investment firm, has announced a stock buyback plan of $5 million. It will purchase common stock at prices below Horizon’s net asset value per share as reported in its most recent financial statements.
The firm provides capital in the form of secured loans to venture capital backed companies in the technology, life science, healthcare information and services and clean technology industries. It said in an announcement the stock repurchase program is intended to minimize the adverse effects of market volatility on the price of Horizon’s common stock.
The repurchase will end either on Sept. 30, 2016 or when the $5 million in funds is exhausted. Its board has said it could terminate the repurchase at any time. Its net income for the second quarter of 2015 was $1.745 million on total revenue of $5.5 million. For 2014 it showed net income of $15.4 million on revenue of $22.5 million.
In early trading, the company’s shares were up 1.06 percent to $9.54 on NASDAQ. Horizon’s stock price over the last 52 weeks has ranged from $9.04 a share up to $14.59.
