Uber Technologies stock gained Monday after the ride-hail and food-delivery giant announced an accelerated share repurchase agreement. The company will buy $1.5 billion shares of Uber common stock through an agreement with Bank of America,

Uber shares jumped Monday after the ridesharing company said it is starting a $1.5 billion accelerated stock buyback program as part of the $7 billion program it announced last year.

Shares of Uber Technologies UBER gained 2.7% on Jan. 6, closing the trading session at $66.31. The uptick followed a significant move by the company to return value to its shareholders. UBER announced that it would start an accelerated $1.

Uber's stock surged after announcing a $1.5 billion share repurchase plan, part of a broader $7 billion buyback initiative.