Short stake in Consolidated Communications Holdings, Inc. (NASDAQ:CNSL) increases 14.1%
Consolidated Communications Holdings, Inc. (NASDAQ:CNSL – Get Rating) was the target of significant short-term interest growth during August. As of August 31, there was short interest totaling 2,100,000 shares, a growth of 14.1% from the total of 1,840,000 shares as of August 15. Based on an average daily volume of 426,900 shares, the day-to-cover ratio is currently 4.9 days. Approximately 2.9% of the company’s shares are sold short.
Wall Street analysts predict growth
Several research firms have recently published reports on CNSL. Wells Fargo & Company raised its price target on Consolidated Communications from $6.00 to $7.00 and gave the stock an “equal weight” rating in a Thursday, Aug. 4, report. StockNews.com upgraded Consolidated Communications from a “hold” rating to a “sell” rating in a Monday, July 18, report. Finally, Citigroup downgraded Consolidated Communications from a “neutral” rating to a “sell” rating and set a price target of $5.00 for the stock. in a report on Thursday, July 7.
Institutional entries and exits
Hedge funds have recently increased or reduced their holdings in the stock. Counterpoint Mutual Funds LLC bought a new position in Consolidated Communications in the first quarter, valued at around $25,000. CX Institutional bought a new stake in shares of Consolidated Communications during the second quarter worth about $28,000. Captrust Financial Advisors increased its position in Consolidated Communications shares by 38.2% during the first quarter. Captrust Financial Advisors now owns 7,183 shares of the utility provider worth $42,000 after acquiring 1,987 additional shares in the last quarter. First Quadrant LLC CA purchased a new stake in shares of Consolidated Communications during the first quarter for a value of approximately $43,000. Finally, KBC Group NV purchased a new equity stake in Consolidated Communications during the second quarter for a value of approximately $43,000. 81.05% of the shares are held by hedge funds and other institutional investors.
Performance of consolidated communication actions
Shares of CNSL were up $0.17 during Friday trading hours, hitting $5.64. The stock recorded a trading volume of 753,518 shares, compared to an average volume of 283,421 shares. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt ratio of 4.98. The company’s fifty-day simple moving average is $6.38 and its 200-day simple moving average is $6.37. Consolidated Communications has a 12-month low of $4.51 and a 12-month high of $9.70.
Consolidated Communications (NASDAQ:CNSL – Get Rating) last released its results on Tuesday, August 2. The utility provider reported earnings per share of $0.01 for the quarter, beating the consensus estimate of ($0.02) by $0.03. Consolidated Communications posted a positive return on equity of 6.08% and a negative net margin of 8.64%.
About Consolidated Communications
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Consolidated Communications Holdings, Inc, together with its subsidiaries, provides broadband and enterprise communications solutions for consumer, commercial and carrier channels in the United States. It offers high-speed broadband Internet access and Voice over Internet Protocol (VoIP) telephone services; commercial data connectivity services in various markets, including Ethernet services, private line data services, software-defined wide area network and multi-protocol label switching services; networking services; cloud-based services; data centers and disaster recovery solutions; and wholesale services to regional and national interconnects, and wireless carriers including cellular backhaul and other fiber transport solutions.
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