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
(received rating)
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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