Monster Beverage Corp MNST Shares are trading higher in after-hours trading on Monday after the company announced a new $500 million buyback program.

What happened: After the market closed on Monday, Monster Beverage announced that its board of directors had approved a new share repurchase program valued at up to $500 million for the company’s outstanding common stock.

As of August 19, authorized share repurchases were no longer possible under the Company’s previously approved repurchase program.

The new share buyback program comes less than two weeks after Monster Beverage shares fell on worse-than-expected second-quarter results.

Monster missed analysts’ revenue and earnings estimates as the energy drinks category posted lower growth rates in the U.S. The company said at the time that it repurchased 2.2 million shares in the second quarter at an average purchase price of $49.55 per share.

MNST price promotion: Monster Beverage shares have fallen about 19% since the beginning of the year. The stock initially rose to about $47.50 after the buyback announcement before declining slightly. According to Benzinga Pro, Monster shares rose 0.75% after the market closed and were at $46.95 at the time of publication.

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