Connectm Technology Solutions (NASDAQ:CNTM) to Buyback $10.00 billion in Outstanding Shares

Connectm Technology Solutions (NASDAQ:CNTM) declared that its Board of Directors has initiated a share buyback program on Thursday, March 13th, RTT News reports. The company plans to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the company to buy up to 68,301.4% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s management believes its stock is undervalued.

Connectm Technology Solutions Stock Up 3.2 %

Shares of CNTM stock opened at $0.71 on Friday. The firm’s fifty day simple moving average is $0.95 and its 200 day simple moving average is $0.98. Connectm Technology Solutions has a 1 year low of $0.47 and a 1 year high of $2.89.

Connectm Technology Solutions (NASDAQ:CNTM) last announced its quarterly earnings results on Friday, December 13th. The company reported ($0.61) earnings per share (EPS) for the quarter. During the same quarter last year, the business earned ($0.12) earnings per share.

Insider Activity

In related news, insider Mahesh Choudhury purchased 27,800 shares of the company’s stock in a transaction that occurred on Friday, December 20th. The stock was acquired at an average price of $1.09 per share, with a total value of $30,302.00. Following the completion of the purchase, the insider now directly owns 259,768 shares in the company, valued at $283,147.12. This trade represents a 11.98 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 33.97% of the stock is currently owned by company insiders.

Connectm Technology Solutions Company Profile

Connectm Technology Solutions, Inc is a technology company, which engages in the electrification economy by integrating electrified energy assets with an AI-driven technology solutions platform. It provides solutions for residential and light commercial buildings, and all-electric original equipment manufacturers (OEMs), with a proprietary digital platform to accelerate the transition to solar and all-electric heating, cooling, and transportation to reduce dependence on fossil fuels, overall energy costs, and carbon footprint.