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

Connectm Technology Solutions Inc. (NASDAQ:CNTM) was the target of a significant increase in short interest in 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. Based on an average daily volume of 505,600 shares, the short-interest ratio is presently 1.2 days. Currently, 3.1% of the company’s stock are short sold.

Institutional Investors Weigh In On Connectm Technology Solutions

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

Connectm Technology Solutions Stock Down 3.9 %

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

Connectm Technology Solutions declared that its board has authorized a stock repurchase program on Thursday, March 13th that permits the company to buyback $10.00 billion in outstanding shares. This buyback authorization permits the company to purchase up to 68,301.4% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

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.