That does seem a tad low, though if we assume HGG should have the same forward P/E as BBY the right price might be half what it is today. I just re-read your earlier comment re qualified staff having little value, and I think I disagree. I posted something about Reseller Ratings having a good number for HGG and a ridiculously low one for BBY; if those numbers are valid, customers greatly prefer the experience at HGG.
it's already up 2.5% in pre-market. Like you said, if the entire buyback is executed at these prices they will retire 4 million more shares leaving a short interest of over 70% of the entire float. For a company that although it has seen some challenges, it remains profitable. Expect shorts to be spooked with the buyback and drive prices to $17 back again