Star Equity Holdings, Inc. (STRR) recently repurchased 260,000 shares from an institutional investor, amounting to 8% of outstanding shares. The purchase took place September 9, when trading ranged from $9.27-$9.63 per share. STRR's management team has also recently made significant purchases of Company shares. This week CEO Jeff Eberwein purchased another 42,000 shares of common stock in STRR, bringing his total holdings in STRR to 651,000 shares. According to FactSet, Mr. Eberwein owns over 20% of STRR's outstanding stock. We view the recent significant share repurchase and management's continued equity purchases as bullish signals for STRR's future performance. The large share repurchase significantly reduces outstanding shares, leading us to increase our estimates for adjusted earnings per share. We adjust our 2025 EPS estimate upward to $0.28 per share, up $0.01 from $0.27. We adjust our 2026 EPS estimate to $1.61 per share, up $0.13 from $1.48. We maintain our price target of $17 per share, which was based on 12x our previous 2026 EPS estimate of $1.48. We acknowledge potential upside to our price target given our newly raised EPS estimate of $1.61, but we leave our target unchanged for now pending 3Q results which we expect will clarify the cash impact of the merger. We maintain our Moderate Risk rating, reflecting the Company's revenue prospects and strong balance sheet.