Short Interest in Consolidated Communications Holdings Inc (NASDAQ:CNSL) Declines By 9.6%

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.

CNSL stock traded up $0.04 during midday trading on Friday, hitting $5.22. 407,896 shares of the stock were exchanged, compared to its average volume of 818,526. The stock’s 50-day moving average price is $4.46 and its 200-day moving average price is $4.22. The stock has a market cap of $380.55 million, a price-to-earnings ratio of -12.73 and a beta of 1.04. Consolidated Communications has a fifty-two week low of $3.24 and a fifty-two week high of $12.10. The company has a debt-to-equity ratio of 6.35, a quick ratio of 0.72 and a current ratio of 0.72.

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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