Connectm Technology Solutions Inc. (NASDAQ:CNTM) Sees Significant Growth in Short Interest

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

Connectm Technology Solutions Trading Down 11.0 %

Shares of NASDAQ CNTM traded down $0.08 during midday trading on Monday, hitting $0.63. The company’s stock had a trading volume of 124,612 shares, compared to its average volume of 527,579. Connectm Technology Solutions has a 1-year low of $0.47 and a 1-year high of $2.89. The firm’s fifty day moving average price is $0.95 and its 200-day moving average price is $0.98.

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

Connectm Technology Solutions declared that its Board of Directors has initiated a stock repurchase plan on Thursday, March 13th that permits the company to buyback $10.00 billion in shares. This buyback authorization permits the company to buy up to 68,301.4% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s board believes its stock is undervalued.

Insider Transactions at Connectm Technology Solutions

In other Connectm Technology Solutions news, insider Mahesh Choudhury acquired 27,800 shares of the firm’s stock in a transaction on Friday, December 20th. The stock was purchased at an average price of $1.09 per share, with a total value of $30,302.00. Following the completion of the acquisition, the insider now directly owns 259,768 shares in the company, valued at $283,147.12. This trade represents a 11.98 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Corporate insiders own 33.97% of the company’s stock.

Hedge Funds Weigh In On Connectm Technology Solutions

Institutional investors have recently modified their holdings of the company. XTX Topco Ltd acquired a new position in Connectm Technology Solutions during the 4th quarter valued at about $27,000. Choate Investment Advisors grew its holdings in Connectm Technology Solutions by 39.3% in the 4th quarter. Choate Investment Advisors now owns 98,820 shares of the company’s stock worth $120,000 after buying an additional 27,880 shares in the last quarter. Polar Asset Management Partners Inc. acquired a new stake in Connectm Technology Solutions in the 3rd quarter valued at approximately $172,000. Finally, Toronto Dominion Bank bought a new stake in Connectm Technology Solutions during the 4th quarter valued at $609,000. Institutional investors own 79.59% of the company’s stock.

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.