Consolidated Communications Holdings Inc (NASDAQ:CNSL) was the recipient of a significant decline in short interest during the month of January. As of January 31st, there was short interest totalling 9,560,000 shares, a decline of 9.6% from the January 15th total of 10,580,000 shares. Currently, 13.7% of the shares of the stock are short sold. Based on an average daily volume of 901,500 shares, the days-to-cover ratio is currently 10.6 days.
Several equities analysts recently issued reports on CNSL shares. Guggenheim set a $3.50 price objective on Consolidated Communications and gave the stock a “sell” rating in a report on Friday, November 1st. BidaskClub raised Consolidated Communications from a “hold” rating to a “buy” rating in a report on Saturday, January 25th. One analyst has rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $5.75.
A number of hedge funds have recently modified their holdings of CNSL. Virginia Retirement Systems ET AL acquired a new position in shares of Consolidated Communications in the fourth quarter worth $45,000. ProShare Advisors LLC raised its holdings in shares of Consolidated Communications by 19.5% in the fourth quarter. ProShare Advisors LLC now owns 11,995 shares of the utilities provider’s stock worth $47,000 after acquiring an additional 1,954 shares during the last quarter. Investors Financial Group LLC acquired a new position in shares of Consolidated Communications in the fourth quarter worth $52,000. Meeder Asset Management Inc. raised its holdings in shares of Consolidated Communications by 312.4% in the third quarter. Meeder Asset Management Inc. now owns 11,717 shares of the utilities provider’s stock worth $55,000 after acquiring an additional 8,876 shares during the last quarter. Finally, Mackay Shields LLC acquired a new position in shares of Consolidated Communications in the fourth quarter worth $70,000. 77.21% of the stock is owned by hedge funds and other institutional investors.
About Consolidated Communications
Consolidated Communications Holdings, Inc, through its subsidiaries, provides telecommunications services to business and residential customers in the United States. It offers high-speed broadband Internet access and voice over Internet protocol (VoIP) phone services to small, medium, and large business customers; commercial data connectivity services in select markets, including a portfolio of Ethernet services, software defined wide area network, multi-protocol label switching, and private line services; and wholesale services to regional and national interexchange and wireless carriers, including cellular backhaul, dark fiber, and other fiber transport solutions.
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