I agree that this buyback does not make any sense, and it appears that the market does not care, as the stock is not holding its gains as usual. The only thing that I van guess is that maybe management is planning on taking the company private. If there only 9.25 million shares now, after the buyback would only leave a little over 8 million.
A repurchase just does not make any sense. Why not up the repurchase by a bit more and spend all their cash position? Maybe they just want the ability to buy Mark Robinow's shares as wall as any other insider that wants to get out. Is must just be a front since actually using the cash would not be smart.