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

Connectm Technology Solutions Inc. (NASDAQ:CNTM) was the recipient of a significant increase in short interest during the month of 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 days-to-cover ratio is currently 1.2 days. Currently, 3.1% of the shares of the stock are short sold.

Institutional Trading of Connectm Technology Solutions

Several institutional investors and hedge funds have recently modified their holdings of CNTM. XTX Topco Ltd purchased a new position in shares of Connectm Technology Solutions during the 4th quarter worth approximately $27,000. Choate Investment Advisors increased its position 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 buying an additional 27,880 shares in the last quarter. Polar Asset Management Partners Inc. acquired a new position in shares of Connectm Technology Solutions in the third quarter worth $172,000. Finally, Toronto Dominion Bank purchased a new stake in shares of Connectm Technology Solutions in the fourth quarter valued at $609,000. Hedge funds and other institutional investors own 79.59% of the company’s stock.

Connectm Technology Solutions Price Performance

Connectm Technology Solutions stock opened at $0.54 on Tuesday. Connectm Technology Solutions has a fifty-two week low of $0.47 and a fifty-two week high of $2.89. The stock’s fifty day moving average is $0.84 and its two-hundred day moving average is $0.95.

Connectm Technology Solutions declared that its Board of Directors has initiated a share repurchase program on Thursday, March 13th that allows the company to buyback $10.00 billion in shares. This buyback authorization allows the company to buy up to 68,301.4% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.

Connectm Technology Solutions Company Profile

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.