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

Connectm Technology Solutions (NASDAQ:CNTM) declared that its Board of Directors has authorized a stock buyback plan on Thursday, March 13th, RTT News reports. The company plans to repurchase $10.00 billion in shares. This repurchase authorization authorizes the company to repurchase up to 68,301.4% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Connectm Technology Solutions Stock Performance

Shares of CNTM traded up $0.06 during trading hours on Thursday, hitting $0.69. 1,114,295 shares of the company were exchanged, compared to its average volume of 530,973. Connectm Technology Solutions has a fifty-two week low of $0.47 and a fifty-two week high of $2.89. The firm’s fifty day moving average is $0.96 and its 200 day moving average is $0.98.

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

Insider Activity at Connectm Technology Solutions

In other news, insider Mahesh Choudhury bought 27,800 shares of the company’s stock in a transaction on Friday, December 20th. The stock was purchased at an average cost of $1.09 per share, for a total transaction of $30,302.00. Following the completion of the transaction, the insider now owns 259,768 shares of the company’s stock, valued at $283,147.12. This trade represents a 11.98 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available at this link. 33.97% of the stock is owned by 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.