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

Connectm Technology Solutions Inc. (NASDAQ:CNTM) saw a large 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. Based on an average trading volume of 393,200 shares, the short-interest ratio is presently 1.1 days. Approximately 1.7% of the shares of the stock are sold short.

Connectm Technology Solutions Trading Down 11.0 %

Connectm Technology Solutions stock traded down $0.08 during midday trading on Monday, reaching $0.63. The stock had a trading volume of 124,612 shares, compared to its average volume of 527,579. Connectm Technology Solutions has a twelve month low of $0.47 and a twelve month high of $2.89. The firm’s fifty day simple moving average is $0.95 and its two-hundred day simple moving average is $0.98.

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

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

Insider Activity

In other news, insider Mahesh Choudhury acquired 27,800 shares of Connectm Technology Solutions stock in a transaction on Friday, December 20th. The stock was bought at an average cost of $1.09 per share, with a total value of $30,302.00. Following the completion of the purchase, the insider now owns 259,768 shares of the company’s stock, valued at $283,147.12. This represents a 11.98 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 33.97% of the company’s stock.

Institutional Investors Weigh In On Connectm Technology Solutions

A number of institutional investors have recently modified their holdings of CNTM. Toronto Dominion Bank bought a new position in Connectm Technology Solutions during the fourth quarter valued at approximately $609,000. Polar Asset Management Partners Inc. bought a new position in shares of Connectm Technology Solutions during the 3rd quarter valued at $172,000. Choate Investment Advisors lifted its stake in shares of Connectm Technology Solutions by 39.3% in the 4th 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 during the last quarter. Finally, XTX Topco Ltd bought a new stake in Connectm Technology Solutions in the fourth quarter worth $27,000. Institutional investors and hedge funds 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.