Stock Buyback Plan Announced by Greenland Mines Ltd. Common Stock (NASDAQ:GRML) Board

Key Points

• Greenland Mines’ board authorized a $20 million share repurchase program, allowing the company to buy back up to 20.4% of its outstanding shares through open-market purchases.
• GRML shares fell $0.96 to $6.38, well below their 50-day and 200-day moving averages. The company reported a quarterly loss of $0.03 per share, and the sole analyst rating tracked is “Sell.”
• Insiders have recently purchased shares, including the CFO’s acquisition of 14,000 shares and a director’s purchase of 4,800 shares; insiders collectively own 11.3% of the company.

Greenland Mines Ltd. Common Stock (NASDAQ:GRML - Get Free Report) announced that its Board of Directors has authorized a stock repurchase program on Tuesday, October 6th, RTT News reports. The company plans to repurchase $20.00 million in shares. This repurchase authorization allows the company to reacquire up to 20.4% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company's board believes its shares are undervalued.

Greenland Mines Ltd. Common Stock Price Performance

GRML stock traded down $0.96 during trading on Tuesday, hitting $6.38. 4,799,396 shares of the company traded hands, compared to its average volume of 24,034,420. The stock's 50-day simple moving average is $7.93 and its 200 day simple moving average is $14.90. The company has a market cap of $85.17 million, a PE ratio of -0.55 and a beta of 6.26. Greenland Mines Ltd. Common Stock has a 1 year low of $2.82 and a 1 year high of $36.99.

Greenland Mines Ltd. Common Stock (NASDAQ:GRML - Get Free Report) last posted its earnings results on Monday, August 17th. The company reported ($0.03) earnings per share for the quarter.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on GRML. Weiss Ratings upgraded shares of Greenland Mines Ltd. Common Stock from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Thursday, September 24th. Wall Street Zen raised shares of Greenland Mines Ltd. Common Stock to a "sell" rating in a report on Saturday, August 29th. One research analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, Greenland Mines Ltd. Common Stock currently has an average rating of "Sell".

Insider Activity at Greenland Mines Ltd. Common Stock

In related news, CFO Jeff Leblanc acquired 14,000 shares of the firm's stock in a transaction on Tuesday, August 25th. The shares were acquired at an average cost of $9.72 per share, with a total value of $136,080.00. Following the completion of the acquisition, the chief financial officer directly owned 110,406 shares in the company, valued at approximately $1,073,146.32. This trade represents a 14.52% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Jason David Sawyer bought 4,800 shares of the business's stock in a transaction dated Wednesday, July 22nd. The shares were bought at an average cost of $11.50 per share, with a total value of $55,200.00. Following the purchase, the director directly owned 4,800 shares of the company's stock, valued at approximately $55,200. This represents a ∞ increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. 11.30% of the stock is owned by company insiders.

Greenland Mines Ltd. Common Stock Company Profile

Klotho Neurosciences, Inc, a biopharmaceutical company, develops therapies for neurological and age-related disorders, and specialty diagnostics. Its products include cell and gene therapies to mitigate age-related pathologies, such as dementia symptoms, and Alzheimer and neuromuscular diseases; biologics/biosimilars in the treatment of cancer; and melanocortin receptors. The company has a strategic partnership with Japan's Okinawa Research Center for the research and development of Klotho gene therapy in enhancing longevity and reducing age-related diseases.

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