10:28 AM EDT, 06/06/2024 (MT Newswires) -- (Adds detail about new, prior stock buybacks in second paragraph).

Instacart's (CART) board of directors approved a share repurchase program with the authorization to buy up to an aggregate of $500 million of the company's common stock, according to a regulatory filing Thursday.

Prior to the new board authorization this week, Instacart had no stock buyback capacity remaining through a prior authorization that resulted in the delivery services company repurchasing 34 million of its common shares, according to the 8-K filing with the Securities and Exchange Commission.

Instacart shares were nearly 7% higher in recent Thursday trading.

Price: 33.11, Change: +2.16, Percent Change: +6.97