Comarco Repurchases Shares
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Comarco Inc. said Tuesday it repurchased 140,000 shares of common stock over the last week in the open market at a time when the shares have been trading around their 52-week low.
The Yorba Linda company, which provides wireless communications products and services to cellular telephone companies, said it has now bought back more than 1.2 million of the 1.5 million shares the board had authorized for repurchase.
The stock, which hit a 52-week low of $16.75 Thursday, closed Tuesday at $17.75, up 38 cents a share. Comarco’s shares traded as high as $24.25 last November.
The company said it repurchased the stock to capitalize on recent market fluctuations, and believes its prospects are promising because its has received positive reaction from customers to its new line of wireless products.
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