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

Connectm Technology Solutions (NASDAQ:CNTM) declared that its board has authorized a share repurchase program on Thursday, March 13th, RTT News reports. The company plans to buyback $10.00 billion in outstanding shares. This buyback authorization permits the company to repurchase up to 68,301.4% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s board believes its shares are undervalued.

Connectm Technology Solutions Stock Up 3.2 %

CNTM stock opened at $0.71 on Friday. Connectm Technology Solutions has a fifty-two week low of $0.47 and a fifty-two week high of $2.89. The stock’s 50 day simple moving average is $0.95 and its 200 day simple moving average is $0.98.

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

Insider Transactions at Connectm Technology Solutions

In related news, insider Mahesh Choudhury acquired 27,800 shares of the stock in a transaction dated Friday, December 20th. The stock was purchased at an average cost 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 position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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.