Connectm Technology Solutions Inc. (NASDAQ:CNTM) Short Interest Update

Connectm Technology Solutions Inc. (NASDAQ:CNTM) was the target of a significant 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. Based on an average trading volume of 393,200 shares, the days-to-cover ratio is currently 1.1 days. Currently, 1.7% of the shares of the stock are sold short.

Connectm Technology Solutions Trading Down 4.1 %

Shares of NASDAQ:CNTM opened at $0.61 on Wednesday. The company’s fifty day moving average is $0.93 and its 200 day moving average is $0.98. Connectm Technology Solutions has a 52 week low of $0.47 and a 52 week high of $2.89.

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

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

Insider Activity at Connectm Technology Solutions

In other Connectm Technology Solutions news, insider Mahesh Choudhury acquired 27,800 shares of the stock in a transaction dated Friday, December 20th. The stock was purchased at an average cost of $1.09 per share, for a total transaction of $30,302.00. Following the acquisition, the insider now owns 259,768 shares in the company, valued at $283,147.12. The trade was a 11.98 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. 33.97% of the stock is owned by insiders.

Institutional Trading of Connectm Technology Solutions

Institutional investors have recently made changes to their positions in the stock. XTX Topco Ltd bought a new stake in Connectm Technology Solutions during the 4th quarter valued at $27,000. Choate Investment Advisors increased its position in shares of 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 acquiring an additional 27,880 shares during the period. Polar Asset Management Partners Inc. purchased a new position in shares of Connectm Technology Solutions in the third quarter valued at about $172,000. Finally, Toronto Dominion Bank bought a new position in shares of Connectm Technology Solutions during the fourth quarter valued at about $609,000. Hedge funds and other 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.