Connectm Technology Solutions Inc. (NASDAQ:CNTM) Sees Significant Growth in Short Interest

Connectm Technology Solutions Inc. (NASDAQ:CNTM) was the target of a large growth in short interest during the month of April. As of April 15th, there was short interest totalling 1,600,000 shares, a growth of 506.5% from the March 31st total of 263,800 shares. Based on an average trading volume of 3,590,000 shares, the short-interest ratio is currently 0.4 days. Currently, 9.4% of the shares of the company are sold short.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Choate Investment Advisors increased 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 acquiring an additional 27,880 shares during the last quarter. XTX Topco Ltd purchased a new position in shares of Connectm Technology Solutions during the 4th quarter worth $27,000. Finally, Toronto Dominion Bank acquired a new stake in shares of Connectm Technology Solutions during the 4th quarter worth about $609,000. 79.59% of the stock is currently owned by institutional investors and hedge funds.

Connectm Technology Solutions Trading Down 9.3 %

NASDAQ:CNTM opened at $0.64 on Friday. The company’s fifty day moving average price is $0.66 and its 200-day moving average price is $0.89. Connectm Technology Solutions has a 1-year low of $0.47 and a 1-year high of $2.89.

Connectm Technology Solutions announced that its board has approved a stock buyback plan on Thursday, March 13th that permits the company to buyback $10.00 billion in outstanding shares. This buyback authorization permits the company to reacquire up to 68,301.4% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board 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.