Choate Investment Advisors Grows Holdings in Connectm Technology Solutions Inc. (NASDAQ:CNTM)

Choate Investment Advisors lifted its position in shares of Connectm Technology Solutions Inc. (NASDAQ:CNTM) by 39.3% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 98,820 shares of the company’s stock after buying an additional 27,880 shares during the quarter. Choate Investment Advisors owned approximately 0.47% of Connectm Technology Solutions worth $120,000 at the end of the most recent quarter.

Separately, Polar Asset Management Partners Inc. bought a new position in shares of Connectm Technology Solutions during the 3rd quarter worth $172,000. 79.59% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Connectm Technology Solutions

In related news, insider Mahesh Choudhury acquired 27,800 shares of the company’s stock in a transaction that occurred on Friday, December 20th. The shares were bought at an average price of $1.09 per share, with a total value of $30,302.00. Following the completion of the transaction, the insider now directly owns 259,768 shares in the company, valued at $283,147.12. This trade represents a 11.98 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 33.97% of the stock is owned by corporate insiders.

Connectm Technology Solutions Price Performance

CNTM opened at $0.64 on Tuesday. Connectm Technology Solutions Inc. has a 12-month low of $0.47 and a 12-month high of $2.89. The business’s fifty day simple moving average is $0.94 and its 200-day simple moving average is $0.98.

Connectm Technology Solutions (NASDAQ:CNTM) last posted its quarterly earnings results on Friday, December 13th. The company reported ($0.61) earnings per share (EPS) for the quarter. During the same period last year, the company earned ($0.12) earnings per share.

Connectm Technology Solutions announced that its Board of Directors has authorized a share repurchase plan on Thursday, March 13th that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the company to buy up to 68,301.4% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s board of directors 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.