Oblong (NYSE:OBLG) Stock Price Up 2.2% – Time to Buy?

Oblong, Inc. (NYSE:OBLG)’s stock price rose 2.2% on Monday . The company traded as high as $3.96 and last traded at $3.68. Approximately 67,297 shares changed hands during trading, a decline of 79% from the average daily volume of 318,890 shares. The stock had previously closed at $3.60.

Oblong Stock Performance

The business’s 50 day simple moving average is $2.98 and its two-hundred day simple moving average is $3.41.

Oblong announced that its board has authorized a share repurchase plan on Tuesday, April 22nd that permits the company to buyback $0.00 in shares. This buyback authorization permits the company to purchase shares of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board believes its shares are undervalued.

Institutional Trading of Oblong

A hedge fund recently bought a new stake in Oblong stock. Renaissance Technologies LLC purchased a new position in Oblong, Inc. (NYSE:OBLG) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 11,100 shares of the company’s stock, valued at approximately $43,000. Renaissance Technologies LLC owned 0.97% of Oblong as of its most recent SEC filing. 1.98% of the stock is owned by institutional investors.

About Oblong

Oblong, Inc, together with its subsidiaries, provides multi-stream collaboration technologies and managed services for video collaboration and network applications in the United States and internationally. The company operates in two segments, Collaboration Products and Managed Services. Its flagship product is Mezzanine that enables visual collaboration across multi-users, multi-screens, multi-devices, and multi-locations for video telepresence, laptop and application sharing, and whiteboard sharing and slides applications.