Solidion Technology (NASDAQ:STI) Board of Directors Declares Stock Repurchase Plan

Solidion Technology (NASDAQ:STI) announced that its board has initiated a stock buyback program on Monday, September 14th, RTT News reports. The company plans to repurchase $1.00 million in shares. This repurchase authorization permits the company to buy up to 1.6% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s management believes its shares are undervalued.

Solidion Technology Trading Down 1.2%

Shares of STI stock opened at $6.55 on Thursday. Solidion Technology has a 12-month low of $2.94 and a 12-month high of $46.00. The business’s 50 day moving average is $7.19 and its two-hundred day moving average is $7.93. The company has a market capitalization of $55.74 million, a P/E ratio of -0.51 and a beta of -0.01.

Solidion Technology (NASDAQ:STI) last released its earnings results on Thursday, August 6th. The company reported ($0.35) earnings per share (EPS) for the quarter. The firm had revenue of $0.12 million for the quarter.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the company. Wall Street Zen lowered Solidion Technology from a “hold” rating to a “sell” rating in a research report on Saturday, June 27th. Weiss Ratings downgraded Solidion Technology from a “sell (d-)” rating to a “sell (e+)” rating in a report on Thursday, August 27th. One analyst has rated the stock with a Sell rating, According to MarketBeat.com, Solidion Technology currently has an average rating of “Sell”.

Insider Transactions at Solidion Technology

In related news, Director Karin-Joyce Tjon purchased 5,000 shares of Solidion Technology stock in a transaction on Monday, September 14th. The shares were bought at an average price of $7.20 per share, with a total value of $36,000.00. Following the transaction, the director directly owned 58,053 shares of the company’s stock, valued at approximately $417,981.60. This trade represents a 9.42% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.42% of the company’s stock.

About Solidion Technology

Solidion Technology, Inc (NASDAQ: STI) is a battery technology company focused on developing next-generation energy-storage solutions. Its work centers on solid-state battery technologies and advanced battery materials intended to improve energy density, safety, charging performance and operating range compared with conventional lithium-ion batteries.

The company’s technology portfolio includes solid-state battery designs, silicon-based anode materials, lithium-metal anodes and other advanced battery components.