Stock Repurchase Plan Approved by Biosig Technologies (NASDAQ:STEX)

Biosig Technologies (NASDAQ:STEX) announced that its board has authorized a share buyback program on Tuesday, July 7th, RTT News reports. The company plans to repurchase 10,000,000,000,000 outstanding shares. This repurchase authorization allows the company to repurchase up to 5.5% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board of directors believes its shares are undervalued.

Biosig Technologies Stock Performance

Shares of STEX stock traded down $0.04 on Tuesday, reaching $1.05. The stock had a trading volume of 13,187,876 shares, compared to its average volume of 1,401,058. Biosig Technologies has a 1 year low of $0.70 and a 1 year high of $14.11. The firm has a market cap of $190.89 million, a PE ratio of -0.11 and a beta of 1.94. The stock’s 50 day simple moving average is $1.02.

Biosig Technologies (NASDAQ:STEX) last released its quarterly earnings results on Thursday, May 14th. The company reported ($0.27) earnings per share for the quarter.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the stock. Wall Street Zen raised shares of Biosig Technologies from a “strong sell” rating to a “sell” rating in a research report on Saturday, June 20th. Weiss Ratings upgraded Biosig Technologies from a “sell (e+)” rating to a “sell (d-)” rating in a report on Friday, May 1st. Finally, Needham & Company LLC dropped their price target on shares of Biosig Technologies from $9.00 to $8.00 and set a “buy” rating on the stock in a report on Thursday, May 21st. One analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $8.00.

Insider Buying and Selling

In related news, Chairman Morgan Lee Lekstrom purchased 50,000 shares of Biosig Technologies stock in a transaction on Friday, June 12th. The shares were bought at an average cost of $0.99 per share, for a total transaction of $49,500.00. Following the acquisition, the chairman owned 359,500 shares in the company, valued at approximately $355,905. The trade was a 16.16% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CIO Mitchell Young Williams sold 23,810 shares of Biosig Technologies stock in a transaction on Monday, June 1st. The shares were sold at an average price of $1.05, for a total transaction of $25,000.50. Following the completion of the sale, the executive owned 3,013,838 shares in the company, valued at approximately $3,164,529.90. This represents a 0.78% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last 90 days, insiders acquired 231,000 shares of company stock worth $252,360 and sold 344,546 shares worth $294,660. 52.73% of the stock is currently owned by company insiders.

Biosig Technologies Company Profile

Biosig Technologies (NASDAQ:STEX) is a medical technology company focused on developing advanced signal acquisition and processing solutions for cardiac electrophysiology. The company’s work centers on improving the clarity and interpretability of intracardiac signals captured during electrophysiology procedures, with the goal of helping clinicians identify arrhythmogenic substrates and make more informed procedural decisions.

Its primary offering is a signal-processing platform that combines proprietary hardware and software to amplify, filter and display intracardiac electrical activity with reduced noise and distortion.