Connectm Technology Solutions Inc. (NASDAQ:CNTM) Short Interest Update

Connectm Technology Solutions Inc. (NASDAQ:CNTM) saw a large growth in short interest in the month of March. As of March 15th, there was short interest totalling 629,400 shares, a growth of 45.0% from the February 28th total of 434,000 shares. Based on an average daily trading volume, of 505,600 shares, the short-interest ratio is presently 1.2 days. Approximately 3.1% of the company’s shares are short sold.

Connectm Technology Solutions Stock Performance

CNTM stock opened at $0.54 on Tuesday. The business has a fifty day simple moving average of $0.84 and a 200-day simple moving average of $0.95. Connectm Technology Solutions has a 52 week low of $0.47 and a 52 week high of $2.89.

Connectm Technology Solutions announced that its Board of Directors has approved a stock buyback program on Thursday, March 13th that permits the company to buyback $10.00 billion in shares. This buyback authorization permits the company to repurchase up to 68,301.4% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Hedge Funds Weigh In On Connectm Technology Solutions

A number of large investors have recently modified their holdings of CNTM. Toronto Dominion Bank purchased a new stake in shares of Connectm Technology Solutions during the 4th quarter worth about $609,000. XTX Topco Ltd acquired a new position in Connectm Technology Solutions during the fourth quarter valued at approximately $27,000. Choate Investment Advisors grew its stake in Connectm Technology Solutions by 39.3% during the fourth quarter. Choate Investment Advisors now owns 98,820 shares of the company’s stock worth $120,000 after buying an additional 27,880 shares during the period. Finally, Polar Asset Management Partners Inc. acquired a new stake in shares of Connectm Technology Solutions in the third quarter worth $172,000. 79.59% of the stock is currently owned by hedge funds and other institutional investors.

Connectm Technology Solutions Company Profile

Connectm Technology Solutions, Inc is a technology company, which engages in the electrification economy by integrating electrified energy assets with an AI-driven technology solutions platform. It provides solutions for residential and light commercial buildings, and all-electric original equipment manufacturers (OEMs), with a proprietary digital platform to accelerate the transition to solar and all-electric heating, cooling, and transportation to reduce dependence on fossil fuels, overall energy costs, and carbon footprint.