Castellum (NYSEAMERICAN:CTM) Board Initiates Share Buyback Plan

Castellum (NYSEAMERICAN:CTM) declared that its Board of Directors has authorized a share buyback plan on Monday, November 9th, RTT News reports. The company plans to buy back $6 million in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 12.9% of its shares through open market purchases. Share repurchase plans are generally an indication that the company’s board believes its shares are undervalued.

Analyst Upgrades and Downgrades

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, Castellum presently has a consensus rating of “Hold”.

Castellum Trading Down 1.1%

Shares of NYSEAMERICAN CTM traded down $0.00 during midday trading on Monday, reaching $0.38. The company’s stock had a trading volume of 934,709 shares, compared to its average volume of 389,224. The stock has a 50 day simple moving average of $0.58 and a 200-day simple moving average of $0.70. The stock has a market capitalization of $35.54 million, a price-to-earnings ratio of -12.50 and a beta of -6.32. Castellum has a fifty-two week low of $0.34 and a fifty-two week high of $1.27.

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

Insider Buying and Selling

In other Castellum news, COO Andrew Merriman purchased 50,000 shares of the business’s stock in a transaction on Wednesday, September 9th. The shares were purchased at an average cost of $0.62 per share, with a total value of $31,000.00. Following the transaction, the chief operating officer directly owned 588,531 shares of the company’s stock, valued at $364,889.22. This represents a 9.28% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Over the last quarter, insiders have bought 54,492 shares of company stock worth $33,426. Insiders own 8.41% of the company’s stock.

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.