Short Interest in Connectm Technology Solutions Inc. (NASDAQ:CNTM) Expands By 45.0%

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

Connectm Technology Solutions Trading Down 3.9 %

Shares of Connectm Technology Solutions stock traded down $0.02 during trading on Friday, reaching $0.56. The company’s stock had a trading volume of 214,395 shares, compared to its average volume of 540,497. Connectm Technology Solutions has a one year low of $0.47 and a one year high of $2.89. The business’s fifty day moving average price is $0.85 and its 200-day moving average price is $0.95.

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

Institutional Trading of Connectm Technology Solutions

A number of hedge funds have recently bought and sold shares of the stock. XTX Topco Ltd acquired a new position in shares of Connectm Technology Solutions in the fourth quarter valued at $27,000. Choate Investment Advisors lifted its position in Connectm Technology Solutions by 39.3% during 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. bought a new stake in shares of Connectm Technology Solutions during the third quarter valued at approximately $172,000. Finally, Toronto Dominion Bank acquired a new stake in shares of Connectm Technology Solutions in the 4th quarter valued at $609,000. 79.59% of the stock is 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.