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

(Get an evaluation)

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.

Read more

This instant news alert was powered by MarketBeat’s narrative science technology and financial data to provide readers with the fastest and most accurate reports. This story was reviewed by MarketBeat’s editorial team prior to publication. Please send questions or comments about this story to [email protected]

Before you consider consolidated communications, you’ll want to hear this.

MarketBeat tracks Wall Street’s top-rated, top-performing research analysts daily and the stocks they recommend to their clients. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the market takes off…and Consolidated Communications was not on the list.

Although Consolidated Communications currently has a “Hold” rating among analysts, top-rated analysts believe these five stocks are better buys.

See the five actions here

Comments are closed.