Terrestrial Energy (NASDAQ:IMSR) to Buy Back $25 million in Outstanding Stock

Terrestrial Energy (NASDAQ:IMSR) announced that its Board of Directors has approved a stock buyback program on Tuesday, October 27th, RTT News reports. The company plans to repurchase $25 million in shares. This buyback authorization permits the company to repurchase shares of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

Wall Street Analysts Forecast Growth

IMSR has been the topic of several research analyst reports. UBS Group set a $10.00 price objective on Terrestrial Energy in a research note on Monday. Wall Street Zen downgraded shares of Terrestrial Energy from a “sell” rating to a “strong sell” rating in a research report on Saturday, October 24th. Lucid Cap Mkts upgraded shares of Terrestrial Energy to a “strong-buy” rating in a report on Monday. Lake Street Capital assumed coverage on shares of Terrestrial Energy in a report on Wednesday, October 21st. They issued a “buy” rating and a $15.00 price target on the stock. Finally, Roth Capital began coverage on shares of Terrestrial Energy in a research report on Tuesday, September 22nd. They set a “buy” rating and a $15.00 price target on the stock. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $13.40.

Terrestrial Energy Trading Up 3.0%

Shares of NASDAQ IMSR opened at $3.45 on Friday. Terrestrial Energy has a 12-month low of $2.70 and a 12-month high of $18.79. The stock has a fifty day moving average price of $4.16 and a 200 day moving average price of $6.39.

Terrestrial Energy (NASDAQ:IMSR) last released its quarterly earnings data on Tuesday, August 11th. The company reported ($0.09) EPS for the quarter, beating the consensus estimate of ($0.10) by $0.01. On average, equities analysts expect that Terrestrial Energy will post -0.50 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO Simon Irish bought 16,900 shares of the stock in a transaction dated Tuesday, October 13th. The stock was acquired at an average price of $3.01 per share, for a total transaction of $50,869.00. Following the completion of the purchase, the chief executive officer owned 2,312,834 shares in the company, valued at $6,961,630.34. This represents a 0.74% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 28.60% of the company’s stock.

About Terrestrial Energy

Terrestrial Energy (Nasdaq: IMSR) is a developer of Generation IV nuclear plants that use its proprietary Integral Molten Salt Reactor (IMSR). The IMSR captures the operating benefits of molten salt reactor technology in a plant design that prioritizes capital efficiency, cost reduction, versatility and functionality of nuclear energy supply.

IMSR plants are designed to be small and modular for distributed supply of low-cost, reliable, dispatchable, clean, high-temperature industrial heat and electricity, extending the application of nuclear energy beyond electric power markets to industrial applications such as petrochemical and chemical synthesis and data center operation.