Connectm Technology Solutions Inc. (NASDAQ:CNTM) Sees Large Increase in Short Interest

Connectm Technology Solutions Inc. (NASDAQ:CNTM) saw a significant growth in short interest during the month of March. As of March 15th, there was short interest totalling 629,400 shares, a growth of 45.0% from the February 28th total of 434,000 shares. Currently, 3.1% of the shares of the stock are short sold. Based on an average daily volume of 505,600 shares, the short-interest ratio is currently 1.2 days.

Institutional Investors Weigh In On Connectm Technology Solutions

Several large investors have recently added to or reduced their stakes in CNTM. Polar Asset Management Partners Inc. bought a new stake in shares of Connectm Technology Solutions in the 3rd quarter valued at approximately $172,000. Choate Investment Advisors lifted its position 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 buying an additional 27,880 shares during the last quarter. XTX Topco Ltd purchased a new position in Connectm Technology Solutions during the fourth quarter worth $27,000. Finally, Toronto Dominion Bank bought a new position in Connectm Technology Solutions during the fourth quarter valued at $609,000. 79.59% of the stock is owned by institutional investors.

Connectm Technology Solutions Price Performance

CNTM stock traded down $0.04 during trading on Monday, hitting $0.53. 275,213 shares of the company’s stock traded hands, compared to its average volume of 539,036. Connectm Technology Solutions has a 52 week low of $0.47 and a 52 week high of $2.89. The business has a fifty day simple moving average of $0.85 and a 200 day simple moving average of $0.95.

Connectm Technology Solutions declared that its board has approved a stock buyback program on Thursday, March 13th that authorizes the company to repurchase $10.00 billion in shares. This repurchase authorization authorizes the company to buy up to 68,301.4% of its stock through open market purchases. Stock repurchase 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.