Monday, June 4, 2012

LookSmart To Buyback LOOK Shares

LookSmart (LOOK) announced last week (on 02012.05.31) that it's allocated $1 million to buy LOOK shares. On the day of the announcement LOOK spiked from $0.81 to $0.90 before closing at $0.83. LOOK ended last week (02012.06.01) at $0.85. At this price the company could buy ~1.18 million LOOK shares, which would be ~6.8% of the total number of LOOK shares outstanding. Insider ownership is ~17%; therefore, 1.18 million LOOK shares is ~12.2% of the float. 52-week range: $0.53 - $1.90.

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