Electronics manufacturer and software solutions provider, Orbit International Corp (OTCMKTS:ORBT) on August 25, 2022, announced that the Board of Directors authorized the firm for a new share repurchase program. This will enable the company to buy up to $500,000 of the common shares, which may be repurchased from time to time in open market transactions. The firm’s previous share repurchase program of $784,000 was completed earlier in the month.
Trading Data
On Thursday, ORBT stock up 0.30% to $6.65 with 1.95K shares, compared to its average volume 2.59K shares. The stock moved within a range of $6.65 – 6.75 after opening trade at $6.75.
Orbit International Corp. Receives Board Authorization to Purchase up to an Additional $500,000 of Its Common Shares
Mitchell Binder, President, and CEO of Orbit International said that the firm’s financial condition, as well as cash position, continues to be robust. Binder believes that the extra $500,000 stock repurchase program will be a prudent use of the cash. Binder added that the firm is committed to enhancing shareholder value and is confident about the operating performance for the second half of the year.
Key Quote
Mitchell Binder, President and CEO of Orbit International commented, “Our financial condition and cash position remain strong and we believe that this additional $500,000 stock repurchase program will be a prudent use of our cash. We remain committed to enhancing shareholder value and are confident in our operating performance for the second half of this year.”
Orbit International’s Electronics Group Receives New Order in Excess of $1,200,000
International Corp on August 11, 2022, announced that the Electronics Group received a fresh order in August 2022 for $1,200,000. Deliveries are expected to start in quarter four of 2023 and will continue to 2024.
Mitchell Binder, President, and CEO of Orbit International said that the fresh order for the OEG, in excess of $1,200,000, is a major defense contractor for a significant program for the U.S. Navy. Binder added that OEG and Orbit Power Group are experiencing delays in awards of contracts on key programs.
Technical Data
ORBT stock is trading below the 20-Day and 50-Day Moving averages of $6.80 and $6.90 respectively. Moreover, the stock is trading below the 200-Day moving average of $6.90. The company has a total market capitalization of $27.84 million.
