Short Interest in Connectm Technology Solutions Inc. (NASDAQ:CNTM) Drops By 58.1%

Connectm Technology Solutions Inc. (NASDAQ:CNTM) was the target of a significant decline in short interest in the month of March. As of March 31st, there was short interest totalling 263,800 shares, a decline of 58.1% from the March 15th total of 629,400 shares. Based on an average daily volume of 3,200,000 shares, the short-interest ratio is currently 0.1 days. Currently, 1.5% of the shares of the company are short sold.

Hedge Funds Weigh In On Connectm Technology Solutions

A number of institutional investors and hedge funds have recently bought and sold shares of CNTM. Toronto Dominion Bank bought a new position in Connectm Technology Solutions during the fourth quarter valued at about $609,000. Choate Investment Advisors boosted its stake 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. Finally, XTX Topco Ltd acquired a new position in shares of Connectm Technology Solutions in the 4th quarter valued at $27,000. Institutional investors own 79.59% of the company’s stock.

Connectm Technology Solutions Price Performance

NASDAQ CNTM opened at $0.64 on Wednesday. The stock has a 50-day simple moving average of $0.71 and a 200 day simple moving average of $0.91. Connectm Technology Solutions has a twelve month low of $0.47 and a twelve month high of $2.89.

Connectm Technology Solutions announced that its board has authorized a stock repurchase plan on Thursday, March 13th that allows the company to repurchase $10.00 billion in shares. This repurchase authorization allows the company to repurchase up to 68,301.4% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s management believes its shares are 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.