Connectm Technology Solutions Inc. (NASDAQ:CNTM) Sees Large Increase in Short Interest

Connectm Technology Solutions Inc. (NASDAQ:CNTM) was the target of a large increase in short interest during the month of February. As of February 28th, there was short interest totalling 434,000 shares, an increase of 28.4% from the February 13th total of 337,900 shares. Currently, 1.7% of the company’s stock are short sold. Based on an average daily trading volume, of 393,200 shares, the days-to-cover ratio is presently 1.1 days.

Connectm Technology Solutions Stock Down 4.1 %

Connectm Technology Solutions stock traded down $0.03 during midday trading on Tuesday, reaching $0.61. The stock had a trading volume of 161,940 shares, compared to its average volume of 526,503. The firm’s fifty day simple moving average is $0.94 and its 200-day simple moving average is $0.98. Connectm Technology Solutions has a 1-year low of $0.47 and a 1-year high of $2.89.

Connectm Technology Solutions (NASDAQ:CNTM) last announced its earnings results on Friday, December 13th. The company reported ($0.61) earnings per share (EPS) for the quarter. During the same quarter last year, the business earned ($0.12) earnings per share.

Connectm Technology Solutions declared that its board has authorized a share buyback plan on Thursday, March 13th that authorizes the company to repurchase $10.00 billion in shares. This repurchase authorization authorizes the company to purchase up to 68,301.4% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

Insider Activity at Connectm Technology Solutions

In other news, insider Mahesh Choudhury bought 27,800 shares of the company’s stock in a transaction that occurred on Friday, December 20th. The shares were acquired at an average price of $1.09 per share, with a total value of $30,302.00. Following the transaction, the insider now owns 259,768 shares in the company, valued at $283,147.12. This represents a 11.98 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 33.97% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of CNTM. XTX Topco Ltd bought a new position in Connectm Technology Solutions in the fourth quarter valued at approximately $27,000. Choate Investment Advisors grew its stake in Connectm Technology Solutions by 39.3% in the fourth quarter. Choate Investment Advisors now owns 98,820 shares of the company’s stock valued at $120,000 after purchasing an additional 27,880 shares in the last quarter. Polar Asset Management Partners Inc. bought a new position in Connectm Technology Solutions in the third quarter valued at approximately $172,000. Finally, Toronto Dominion Bank bought a new position in Connectm Technology Solutions in the fourth quarter valued at approximately $609,000. 79.59% of the stock is currently owned by institutional investors.

About Connectm Technology Solutions

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.