Consolidated Communications (NASDAQ:CNSL) Sees Large Volume Increase – Here’s Why

Shares of Consolidated Communications Holdings, Inc. (NASDAQ:CNSL) saw unusually-high trading volume on Monday . Approximately 1,172,307 shares changed hands during mid-day trading, an increase of 93% from the previous session’s volume of 608,122 shares.The stock last traded at $4.71 and had previously closed at $4.66.

Consolidated Communications Price Performance

The stock’s fifty day moving average is $4.66 and its 200-day moving average is $4.57. The company has a debt-to-equity ratio of 10.13, a current ratio of 0.76 and a quick ratio of 0.76. The stock has a market capitalization of $557.98 million, a P/E ratio of -2.30 and a beta of 0.99.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Private Advisor Group LLC boosted its position in Consolidated Communications by 34.1% during the second quarter. Private Advisor Group LLC now owns 2,264,899 shares of the utilities provider’s stock worth $9,966,000 after purchasing an additional 575,340 shares during the period. Gardner Lewis Asset Management L P bought a new stake in shares of Consolidated Communications in the second quarter valued at approximately $2,247,000. Jane Street Group LLC increased its position in Consolidated Communications by 154.9% during the third quarter. Jane Street Group LLC now owns 276,771 shares of the utilities provider’s stock worth $1,284,000 after acquiring an additional 168,210 shares during the period. Trium Capital LLP bought a new position in Consolidated Communications during the second quarter worth $680,000. Finally, Wolverine Asset Management LLC raised its stake in Consolidated Communications by 91.4% during the 2nd quarter. Wolverine Asset Management LLC now owns 308,682 shares of the utilities provider’s stock valued at $1,358,000 after purchasing an additional 147,416 shares during the last quarter. Institutional investors and hedge funds own 79.98% of the company’s stock.

About Consolidated Communications

Consolidated Communications Holdings, Inc, together with its subsidiaries, provides broadband and business communication solutions for consumer, commercial, and carrier channels in the United States. It offers high-speed broadband Internet access, SIP trunking, and voice over Internet protocol (VoIP) phone services; commercial data connectivity services in various markets, including Ethernet services, private line data services, software defined wide area network, and multi-protocol label switching services; networking services; cloud-based services; and data center and disaster recovery solutions.