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

Connectm Technology Solutions Inc. (NASDAQ:CNTM) saw a large 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. Currently, 1.7% of the company’s shares are short sold. Based on an average daily volume of 393,200 shares, the days-to-cover ratio is currently 1.1 days.

Insider Activity

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, with a total value of $30,302.00. Following the transaction, the insider now owns 259,768 shares in the company, valued at approximately $283,147.12. The trade was a 11.98 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders own 33.97% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the business. Toronto Dominion Bank bought a new stake in shares of Connectm Technology Solutions during the fourth quarter valued at about $609,000. Polar Asset Management Partners Inc. bought a new stake in Connectm Technology Solutions during the 3rd quarter worth approximately $172,000. Choate Investment Advisors lifted its stake 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 purchasing an additional 27,880 shares in the last quarter. Finally, XTX Topco Ltd bought a new position in Connectm Technology Solutions in the 4th quarter valued at $27,000. 79.59% of the stock is owned by institutional investors.

Connectm Technology Solutions Trading Down 4.1 %

Shares of CNTM stock opened at $0.61 on Wednesday. Connectm Technology Solutions has a fifty-two week low of $0.47 and a fifty-two week high of $2.89. The stock has a 50 day simple moving average of $0.93 and a two-hundred day simple moving average of $0.98.

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

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