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

Connectm Technology Solutions (NASDAQ:CNTM) announced that its board has authorized a stock buyback 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 stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.

Connectm Technology Solutions Stock Performance

NASDAQ:CNTM opened at $0.71 on Friday. The stock’s 50-day moving average is $0.95 and its 200-day moving average is $0.98. Connectm Technology Solutions has a 1-year low of $0.47 and a 1-year high of $2.89.

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

Insiders Place Their Bets

In other Connectm Technology Solutions news, insider Mahesh Choudhury purchased 27,800 shares of the business’s stock in a transaction on Friday, December 20th. The shares were purchased at an average cost of $1.09 per share, for a total transaction of $30,302.00. Following the acquisition, the insider now owns 259,768 shares of the company’s stock, valued at approximately $283,147.12. This represents a 11.98 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at 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.