Consolidated Communications Holdings, Inc. (NASDAQ:CNSL – Get Rating) was the target of a significant spike in short interest in August. As of August 31, there was short interest totaling 2,100,000 shares, an increase of 14.1% over the August 15 total of 1,840,000 shares. Based on an average daily volume of 426,900 shares, the days-to-cover ratio is currently 4.9 days. About 2.9% of the company’s shares are sold short.
Wall Street analysts forecast growth
Several research companies have recently issued reports on CNSL. Wells Fargo & Company raised its target price on Consolidated Communications to $7.00 from $6.00 and gave the stock an “equal weight” rating in a report Thursday, August 4. StockNews.com downgraded Consolidated Communications from a “hold” rating to a “sell” rating in a report Monday, July 18. Finally, Citigroup lowered Consolidated Communications from a “neutral” rating to a “sell” rating and placed a $5.00 price target on the stock. in a report on Thursday, July 7th.
Institutional inflows and outflows
Hedge funds have recently added to or reduced their stakes in the stock. Counterpoint Mutual Funds LLC acquired a new position in Consolidated Communications valued at approximately $25,000 during the first quarter. CX Institutional acquired a new stake in Consolidated Communications stock valued at approximately $28,000 during the second quarter. 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 $42,000 utility company after purchasing an additional 1,987 shares last quarter. First Quadrant LLC CA acquired a new interest in Consolidated Communications stock valued at approximately $43,000 during the first quarter. Finally, in the second quarter, KBC Group NV acquired a new stake in Consolidated Communications shares valued at around US$43,000. 81.05% of the shares are owned by hedge funds and other institutional investors.
Consolidated Communications stock performance
Shares of CNSL rose $0.17 during Friday trading hours to hit $5.64. The stock had a trading volume of 753,518 shares compared to an average volume of 283,421. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 4.98. The company’s 50-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 reported earnings results on Tuesday, August 2nd. The utility reported earnings per share of $0.01 for the quarter, beating the consensus estimate of ($0.02) by $0.03. Consolidated Communications had a positive return on equity of 6.08% and a negative net margin of 8.64%.
About consolidated communication
Consolidated Communications Holdings, Inc, together with its subsidiaries, provides broadband and business communications solutions to consumer, commercial and carrier channels throughout 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 networks, and multi-protocol label switching services; network services; cloud-based services; data center and disaster recovery solutions; and wholesale services for regional and national exchanges and wireless carriers, which include cellular backhaul and other fiber transport solutions.
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