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 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 presently 1.2 days. Approximately 3.1% of the company’s shares are short sold.

Connectm Technology Solutions Stock Performance

Shares of NASDAQ:CNTM traded down $0.04 during trading on Monday, reaching $0.53. 275,213 shares of the company were exchanged, compared to its average volume of 539,036. The business’s fifty day simple moving average is $0.85 and its 200-day simple moving average is $0.95. Connectm Technology Solutions has a 12-month low of $0.47 and a 12-month high of $2.89.

Connectm Technology Solutions declared that its board has approved a stock repurchase program on Thursday, March 13th that permits the company to buyback $10.00 billion in outstanding shares. This buyback authorization permits the company to purchase up to 68,301.4% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s leadership believes its stock is undervalued.

Institutional Investors Weigh In On Connectm Technology Solutions

A number of institutional investors and hedge funds have recently bought and sold shares of the company. XTX Topco Ltd bought a new position in shares of Connectm Technology Solutions during the 4th quarter worth $27,000. Choate Investment Advisors grew its holdings in Connectm Technology Solutions by 39.3% during the 4th quarter. Choate Investment Advisors now owns 98,820 shares of the company’s stock worth $120,000 after acquiring an additional 27,880 shares in the last quarter. Polar Asset Management Partners Inc. bought a new position in Connectm Technology Solutions during the 3rd quarter worth about $172,000. Finally, Toronto Dominion Bank purchased a new position in Connectm Technology Solutions during the 4th quarter valued at about $609,000. 79.59% of the stock is owned by institutional investors.

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.