TransAct Technologies (NASDAQ:TACT) Authorizes Stock Buyback Program

TransAct Technologies (NASDAQ:TACT) announced that its board has authorized a stock repurchase plan on Wednesday, May 13th, RTT News reports. The company plans to repurchase $3.00 million in shares. This repurchase authorization authorizes the technology company to reacquire up to 8.7% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s management believes its stock is undervalued.

TransAct Technologies Stock Up 1.5%

TACT stock traded up $0.05 during midday trading on Wednesday, reaching $3.42. The stock had a trading volume of 180,449 shares, compared to its average volume of 46,297. The firm has a market cap of $35.16 million, a price-to-earnings ratio of -68.40 and a beta of 1.16. TransAct Technologies has a twelve month low of $3.06 and a twelve month high of $5.70. The business has a fifty day simple moving average of $3.36 and a two-hundred day simple moving average of $3.81.

TransAct Technologies (NASDAQ:TACT) last released its earnings results on Tuesday, May 12th. The technology company reported $0.07 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.11. The company had revenue of $14.42 million for the quarter, compared to the consensus estimate of $12.60 million. TransAct Technologies had a negative net margin of 0.93% and a negative return on equity of 1.57%.

Analyst Ratings Changes

Several analysts have recently commented on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of TransAct Technologies in a research note on Thursday, January 22nd. Zacks Research cut shares of TransAct Technologies from a “strong-buy” rating to a “hold” rating in a research report on Friday, February 6th. One equities research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $5.00.

Insiders Place Their Bets

In other TransAct Technologies news, CEO John Dillon acquired 70,902 shares of the business’s stock in a transaction that occurred on Monday, March 16th. The shares were acquired at an average cost of $3.49 per share, for a total transaction of $247,447.98. Following the completion of the acquisition, the chief executive officer directly owned 100,000 shares of the company’s stock, valued at approximately $349,000. This represents a 243.67% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 19.24% of the stock is owned by corporate insiders.

TransAct Technologies Company Profile

TransAct Technologies Inc designs, manufactures and distributes secure card issuance systems and embedded transactional printing solutions for a variety of industries. The company’s portfolio includes high-speed card printers, card personalization and issuance software, as well as embedded printers used in kiosks, point-of-sale terminals, lottery machines and gaming applications. TransAct’s products are built to deliver reliable, on-demand printing and secure card encoding for markets that require rapid, accurate issuance of payment cards, identification badges and tickets.

Within its secure card solutions segment, TransAct offers turnkey systems that integrate card printing, magnetic stripe encoding, smart card personalization and instant card issuance software.