Oblong (NYSE:OBLG) Stock Price Down 10.3% – Here’s Why

Oblong, Inc. (NYSE:OBLG)’s stock price fell 10.3% on Tuesday . The company traded as low as $2.92 and last traded at $3.06. 114,935 shares changed hands during mid-day trading, a decline of 47% from the average session volume of 214,965 shares. The stock had previously closed at $3.41.

Oblong Stock Down 10.3%

The business’s 50 day moving average price is $4.04 and its two-hundred day moving average price is $3.55.

Oblong announced that its Board of Directors has authorized a share repurchase program on Tuesday, April 22nd that authorizes the company to repurchase $0.00 in shares. This repurchase authorization authorizes the company to repurchase shares of its stock through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its stock is undervalued.

Institutional Trading of Oblong

An institutional investor recently bought a new position in Oblong stock. Renaissance Technologies LLC purchased a new position in Oblong, Inc. (NYSE:OBLG) in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor purchased 11,100 shares of the company’s stock, valued at approximately $43,000. Renaissance Technologies LLC owned 0.97% of Oblong at the end of the most recent quarter. 1.98% of the stock is currently owned by institutional investors.

Oblong Company Profile

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.