Share Buyback Plan Approved by Identiv (NASDAQ:INVE) Board

Identiv (NASDAQ:INVE) declared that its board has authorized a stock repurchase plan on Thursday, November 7th, RTT News reports. The company plans to repurchase $10.00 million in outstanding shares. This repurchase authorization authorizes the technology company to buy up to 11.9% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its stock is undervalued.

Identiv Price Performance

Shares of Identiv stock opened at $3.58 on Friday. Identiv has a 1 year low of $2.95 and a 1 year high of $9.24. The business has a 50-day moving average of $3.51 and a two-hundred day moving average of $3.91. The company has a market capitalization of $84.06 million, a P/E ratio of -6.28 and a beta of 1.35.

Identiv (NASDAQ:INVE) last announced its quarterly earnings results on Thursday, August 8th. The technology company reported ($0.31) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.26) by ($0.05). Identiv had a negative return on equity of 18.44% and a negative net margin of 13.77%. The business had revenue of $6.74 million during the quarter, compared to the consensus estimate of $24.00 million. On average, equities analysts anticipate that Identiv will post -1.02 EPS for the current fiscal year.

Wall Street Analyst Weigh In

INVE has been the topic of several analyst reports. StockNews.com lowered Identiv from a “hold” rating to a “sell” rating in a research note on Friday, August 9th. B. Riley cut their target price on Identiv from $9.50 to $8.50 and set a “buy” rating on the stock in a research note on Friday, August 9th. Finally, Craig Hallum cut their target price on Identiv from $8.00 to $6.00 and set a “buy” rating on the stock in a research note on Friday, August 9th.

Identiv Company Profile

Identiv, Inc, a security technology company, that provides secure identification and physical security solutions that secure things, data, and physical places worldwide. It operates in two segments, Identity and Premises. The Identity segment offers products and solutions that enables secure access to information serving the logical access and cyber security markets, as well as protecting connected objects and information using radio-frequency identification embedded security.