Network-1 Technologies (NYSE:NTIP) announced that its board has authorized a share repurchase program, which permits the company to buyback $5.00 million in outstanding shares on Friday, June 16th, EventVestor reports. This buyback authorization permits the company to repurchase up to 5.3% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s leadership believes its shares are undervalued.
Network-1 Technologies (NTIP) traded down 6.02% during midday trading on Friday, reaching $3.90. The company had a trading volume of 122,025 shares. The stock’s 50 day moving average price is $4.40 and its 200-day moving average price is $4.05. Network-1 Technologies has a one year low of $2.33 and a one year high of $5.05. The firm has a market capitalization of $94.88 million and a P/E ratio of 4.58.
Network-1 Technologies (NYSE:NTIP) last issued its earnings results on Monday, May 15th. The company reported $0.09 earnings per share (EPS) for the quarter. The company had revenue of $6.22 million for the quarter. Network-1 Technologies had a net margin of 36.46% and a return on equity of 16.84%.
In related news, major shareholder Steven D. Heinemann sold 36,455 shares of the company’s stock in a transaction dated Friday, April 28th. The shares were sold at an average price of $4.90, for a total value of $178,629.50. Following the transaction, the insider now owns 585,233 shares in the company, valued at approximately $2,867,641.70. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, major shareholder Steven D. Heinemann sold 74,294 shares of the company’s stock in a transaction dated Wednesday, May 10th. The shares were sold at an average price of $4.75, for a total transaction of $352,896.50. Following the completion of the transaction, the insider now owns 585,233 shares in the company, valued at approximately $2,779,856.75. The disclosure for this sale can be found here. In the last quarter, insiders sold 198,143 shares of company stock worth $940,040.
COPYRIGHT VIOLATION WARNING: This news story was first published by WKRB News and is owned by of WKRB News. If you are accessing this news story on another website, it was illegally copied and reposted in violation of U.S. & international copyright and trademark legislation. The original version of this news story can be accessed at https://www.wkrb13.com/markets/2230393/network-1-technologies-ntip-board-of-directors-approves-stock-buyback-program.html.
About Network-1 Technologies
This story was originally published by WKRB News (https://www.wkrb13.com) and is the sole property of WKRB News. If you are reading this article on another website, that means this article was illegally copied and re-published to this website in violation of U.S. and International copyright law. You can view the original version of this story at https://www.wkrb13.com/markets/2230393/network-1-technologies-ntip-board-of-directors-approves-stock-buyback-program.html
Receive News & Ratings for Network-1 Technologies Inc Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Network-1 Technologies Inc and related companies with MarketBeat.com's FREE daily email newsletter.