Terrestrial Energy (NASDAQ:IMSR) to Buy Back $25 million in Outstanding Shares

Terrestrial Energy (NASDAQ:IMSR) announced that its Board of Directors has authorized a stock buyback program on Tuesday, October 27th, RTT News reports. The company plans to buy back $25 million in shares. This repurchase authorization permits the company to reacquire shares of its stock through open market purchases. Share repurchase programs are typically a sign that the company’s leadership believes its stock is undervalued.

Terrestrial Energy Price Performance

Shares of NASDAQ IMSR traded up $0.35 on Tuesday, reaching $3.29. 3,743,441 shares of the company’s stock traded hands. Terrestrial Energy has a 12 month low of $2.70 and a 12 month high of $21.00. The business’s 50 day simple moving average is $4.25 and its two-hundred day simple moving average is $6.45.

Terrestrial Energy (NASDAQ:IMSR) last released its earnings results on Tuesday, August 11th. The company reported ($0.09) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.10) by $0.01. Analysts expect that Terrestrial Energy will post -0.50 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the company. Roth Capital assumed coverage on Terrestrial Energy in a report on Tuesday, September 22nd. They issued a “buy” rating and a $15.00 price objective for the company. Lake Street Capital started coverage on Terrestrial Energy in a research report on Wednesday, October 21st. They set a “buy” rating and a $15.00 price objective for the company. UBS Group set a $10.00 target price on shares of Terrestrial Energy in a report on Monday. Wall Street Zen cut shares of Terrestrial Energy from a “sell” rating to a “strong sell” rating in a report on Saturday. Finally, Weiss Ratings raised shares of Terrestrial Energy from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Monday. Four analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $13.40.

Insider Buying and Selling at Terrestrial Energy

In related news, CEO Simon Irish acquired 16,900 shares of Terrestrial Energy stock in a transaction that occurred on Tuesday, October 13th. The stock was bought at an average price of $3.01 per share, with a total value of $50,869.00. Following the transaction, the chief executive officer directly owned 2,312,834 shares in the company, valued at approximately $6,961,630.34. This represents a 0.74% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 28.60% of the stock is owned by insiders.

About Terrestrial Energy

Terrestrial Energy (Nasdaq: IMSR) is a developer of Generation IV nuclear plants that use its proprietary Integral Molten Salt Reactor (IMSR). The IMSR captures the operating benefits of molten salt reactor technology in a plant design that prioritizes capital efficiency, cost reduction, versatility and functionality of nuclear energy supply.

IMSR plants are designed to be small and modular for distributed supply of low-cost, reliable, dispatchable, clean, high-temperature industrial heat and electricity, extending the application of nuclear energy beyond electric power markets to industrial applications such as petrochemical and chemical synthesis and data center operation.