Connectm Technology Solutions (NASDAQ:CNTM) to Repurchase $10.00 billion in Stock

Connectm Technology Solutions (NASDAQ:CNTM) announced that its board has approved 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 allows the company to reacquire up to 68,301.4% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.

Connectm Technology Solutions Trading Up 10.1 %

Shares of NASDAQ:CNTM traded up $0.06 during trading on Thursday, hitting $0.69. 1,114,295 shares of the company’s stock traded hands, compared to its average volume of 530,973. Connectm Technology Solutions has a 52 week low of $0.47 and a 52 week high of $2.89. The company has a 50-day moving average price of $0.96 and a 200-day moving average price of $0.98.

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

Insider Buying and Selling at Connectm Technology Solutions

In other news, insider Mahesh Choudhury purchased 27,800 shares of the business’s stock in a transaction on Friday, December 20th. The stock was purchased at an average price 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 in the company, valued at $283,147.12. The trade was a 11.98 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 33.97% of the company’s stock.

About Connectm Technology Solutions

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.