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

Connectm Technology Solutions (NASDAQ:CNTM) declared that its Board of Directors has initiated a stock repurchase 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 buy up to 68,301.4% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its stock is undervalued.

Connectm Technology Solutions Stock Performance

CNTM stock opened at $0.69 on Friday. The company’s 50 day moving average price is $0.96 and its 200 day moving average price is $0.98. Connectm Technology Solutions has a fifty-two week low of $0.47 and a fifty-two week high of $2.89.

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

Insider Buying and Selling at Connectm Technology Solutions

In related news, insider Mahesh Choudhury purchased 27,800 shares of the company’s stock in a transaction on Friday, December 20th. The shares were bought at an average cost of $1.09 per share, for a total transaction of $30,302.00. Following the completion of the purchase, the insider now directly owns 259,768 shares of the company’s stock, valued at approximately $283,147.12. This trade represents a 11.98 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through 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.