Cloudastructure (NASDAQ:CSAI) to Buyback $5.00 million in Stock

Cloudastructure (NASDAQ:CSAI) announced that its board has initiated a stock repurchase program on Thursday, October 16th, RTT News reports. The company plans to buyback $5.00 million in shares. This buyback authorization allows the company to purchase up to 19.4% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its shares are undervalued.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on CSAI shares. Maxim Group upgraded Cloudastructure to a “strong-buy” rating and set a $6.00 target price for the company in a research note on Monday, June 30th. Wall Street Zen raised shares of Cloudastructure from a “sell” rating to a “hold” rating in a research report on Sunday, September 7th. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Cloudastructure in a research note on Tuesday. One equities research analyst has rated the stock with a Strong Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $6.00.

Cloudastructure Trading Up 9.3%

Shares of NASDAQ CSAI opened at $1.53 on Friday. The business has a 50 day simple moving average of $1.52 and a 200-day simple moving average of $2.51. Cloudastructure has a twelve month low of $1.16 and a twelve month high of $52.43.

Cloudastructure (NASDAQ:CSAI) last posted its quarterly earnings results on Thursday, August 14th. The company reported ($0.14) earnings per share (EPS) for the quarter. The firm had revenue of $1.09 million for the quarter.

About Cloudastructure

Cloudastructure, Inc (“Cloudastructure”) was formed under the laws of the State of Delaware on March 28, 2003. We provide an award-winning cloud-based artificial intelligence (“AI”) video surveillance and Remote Guarding service built on AI and machine learning platforms. We operated as a small Silicon Valley startup until early 2021 when we raised over $35 million in funding under Regulation A of the Securities Act of 1933, as amended (the “Securities Act”).