Stock Buyback Plan Approved by Castellum (NYSEAMERICAN:CTM)

Castellum (NYSEAMERICAN:CTM) announced that its Board of Directors has initiated a stock repurchase plan on Monday, November 9th, RTT News reports. The company plans to repurchase $6 million in outstanding shares. This buyback authorization allows the company to purchase up to 12.9% of its stock through open market purchases. Share buyback plans are usually an indication that the company’s management believes its shares are undervalued.

Wall Street Analyst Weigh In

Separately, Zacks Research raised shares of Castellum to a “hold” rating in a research report on Tuesday, August 11th. One equities research analyst has rated the stock with a Hold rating. According to MarketBeat.com, the stock currently has a consensus rating of “Hold”.

Castellum Stock Performance

Shares of CTM stock traded down $0.00 during midday trading on Monday, hitting $0.38. 934,709 shares of the company were exchanged, compared to its average volume of 389,224. The firm has a market capitalization of $35.54 million, a P/E ratio of -12.50 and a beta of -6.32. The firm’s 50 day moving average price is $0.58 and its two-hundred day moving average price is $0.70. Castellum has a 52 week low of $0.34 and a 52 week high of $1.27.

Castellum (NYSEAMERICAN:CTM) last released its quarterly earnings results on Thursday, November 5th. The company reported ($0.01) earnings per share for the quarter, missing the consensus estimate of $0.01 by ($0.02). The company had revenue of $14.70 million during the quarter, compared to the consensus estimate of $14.90 million. Castellum had a negative net margin of 4.13% and a negative return on equity of 6.32%.

Insider Buying and Selling at Castellum

In other Castellum news, COO Andrew Merriman bought 50,000 shares of Castellum stock in a transaction dated Wednesday, September 9th. The stock was bought at an average price of $0.62 per share, with a total value of $31,000.00. Following the completion of the transaction, the chief operating officer owned 588,531 shares in the company, valued at $364,889.22. The trade was a 9.28% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders acquired a total of 54,492 shares of company stock worth $33,426 over the last three months. 8.41% of the stock is currently owned by company insiders.

About Castellum

Castellum, Inc is a U.S.-based technology and defense contractor that provides cybersecurity, intelligence, information technology and engineering services. The company primarily serves federal government customers, including agencies and organizations involved in defense, national security and critical infrastructure.

Its offerings include cybersecurity assessments and operations, network and information technology support, intelligence analysis, electronic warfare capabilities, systems engineering and mission-support services.