Connectm Technology Solutions Inc. (NASDAQ:CNTM) Short Interest Down 12.9% in October

Connectm Technology Solutions Inc. (NASDAQ:CNTM) was the recipient of a large decrease in short interest during the month of October. As of October 31st, there was short interest totalling 339,100 shares, a decrease of 12.9% from the October 15th total of 389,100 shares. Based on an average daily volume of 671,500 shares, the days-to-cover ratio is presently 0.5 days. Currently, 2.3% of the shares of the company are sold short.

Insider Activity at Connectm Technology Solutions

In other Connectm Technology Solutions news, insider Mahesh Choudhury bought 11,500 shares of the firm’s stock in a transaction dated Wednesday, September 11th. The shares were acquired at an average cost of $13,731.00 per share, for a total transaction of $157,906,500.00. Following the transaction, the insider now owns 202,038 shares in the company, valued at approximately $2,774,183,778. The trade was a 6.04 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders purchased a total of 128,072 shares of company stock worth $159,820,735 in the last ninety days. 33.97% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Connectm Technology Solutions

A hedge fund recently bought a new stake in Connectm Technology Solutions stock. Polar Asset Management Partners Inc. acquired a new position in Connectm Technology Solutions Inc. (NASDAQ:CNTM) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 149,200 shares of the company’s stock, valued at approximately $172,000. Polar Asset Management Partners Inc. owned approximately 0.71% of Connectm Technology Solutions as of its most recent filing with the Securities and Exchange Commission (SEC). 79.59% of the stock is owned by institutional investors and hedge funds.

Connectm Technology Solutions Price Performance

NASDAQ:CNTM traded up $0.04 during trading hours on Friday, reaching $0.96. The company had a trading volume of 112,272 shares, compared to its average volume of 117,320. Connectm Technology Solutions has a one year low of $0.67 and a one year high of $12.47. The business has a 50-day simple moving average of $1.03.

Connectm Technology Solutions (NASDAQ:CNTM) last posted its earnings results on Wednesday, August 14th. The company reported $0.15 earnings per share (EPS) for the quarter.

About Connectm Technology Solutions

ConnectM Technology Solutions, Inc, a technology company, focuses on advancing the electrification economy by integrating electrified energy assets with its AI-driven technology solutions platform. It provides residential and light commercial buildings, and all-electric original equipment manufacturers with a platform to accelerate the transition to solar and all-electric heating, cooling, and transportation.