Connectm Technology Solutions Inc. (NASDAQ:CNTM) Short Interest Up 28.4% in February

Connectm Technology Solutions Inc. (NASDAQ:CNTM) was the target of a significant growth in short interest in 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 days-to-cover ratio is presently 1.1 days. Currently, 1.7% of the company’s shares are sold short.

Insider Activity

In other Connectm Technology Solutions news, insider Mahesh Choudhury bought 27,800 shares of the business’s stock in a transaction on Friday, December 20th. The shares were bought at an average cost of $1.09 per share, for a total transaction of $30,302.00. Following the transaction, the insider now owns 259,768 shares in the company, valued at approximately $283,147.12. This trade represents a 11.98 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 33.97% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Connectm Technology Solutions

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CNTM. Toronto Dominion Bank acquired a new stake in shares of Connectm Technology Solutions in the 4th quarter valued at approximately $609,000. XTX Topco Ltd bought a new stake in Connectm Technology Solutions in the fourth quarter valued at approximately $27,000. Choate Investment Advisors raised its holdings in Connectm Technology Solutions by 39.3% in 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. Finally, Polar Asset Management Partners Inc. bought a new position in shares of Connectm Technology Solutions during the third quarter worth $172,000. Institutional investors own 79.59% of the company’s stock.

Connectm Technology Solutions Trading Down 4.1 %

NASDAQ CNTM traded down $0.03 during trading hours on Tuesday, hitting $0.61. The company’s stock had a trading volume of 161,940 shares, compared to its average volume of 526,503. The stock has a fifty day moving average of $0.94 and a 200 day moving average of $0.98. Connectm Technology Solutions has a twelve month low of $0.47 and a twelve month high of $2.89.

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

Connectm Technology Solutions declared that its board has authorized a stock repurchase 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 shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management 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.