Just two days after a strong earnings report lifted shares of StoneCo Ltd (NASDAQ: STNE) in the double digits, and one day after a stock market rally kept this Stone defying gravity, shares of the Cayman Islands-based fintech stock continued their rise on Wednesday, gaining 8.9% through 10:45 a.m. ET.

Clearly, StoneCo is rolling along and gathering no moss -- but why?

Well, basically, because StoneCo just announced a big buyback of its own stock -- up to 1 billion Brazilian reals-worth of its stock, or US$205.8 million. Management explained that the new repurchase authorization replaces and expands upon a previous authorization that had seen the company spend about $59 million buying back stock.

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Source Fool.com