Price action seems pretty strong given the overall market....

Price action seems pretty strong given the overall market. Although they are not raising the "sandbags", given the relative strength it wouldn't surprise me if RAC are actively buying today above the sandbag price as it's an ideal opportunity to soak up some loose volume at good value and simultaneously improve confidence in the stock. We'll only find out for sure tomorrow though.

For those calling for raising the sandbags, remember it's in all shareholders best interests that this buyback is done at the lowest prices possible. Obviously there's a trade-off between volume and price to be made, but I think RAC have shown they're happy to be patient and I think this is the right move. If RAC were to continuously raise the "sandbags" to generate volume and increase the share price, it would be front-run by professionals who would buy stock at lower prices and dump into the buyback as RAC was forced to chase the share price ever higher. This would serve nothing more than enriching short-term traders at the detriment of the company and its shareholders. You might get some warm fuzzies from feeling wealthier while it was going on but it probably wouldn't last.