On January 12, Consolidated Communications Holdings, Inc. (CNSL) stock made a comeback in the after hours. Previously, the stock had been trading in the red for the past few days.
In the regular session, CNSL stock lost 1.22% at its close of $7.30 with a lower than average volume. The stock then rebounded in the after-hours to gain 7.12% at an after-hours volume of 49.67K shares. Consequently, CNSL was trading at $7.82 per share in the after-hours on Wednesday.
More about CNSL and its Movement
The business and broadband communication services provider, Consolidated Communications Holdings, Inc. was founded in 1894. Currently, the company has a market capitalization of $729.79 million with 98.75 million shares outstanding. In the past five days, CNSL stock has lost a value of 3.44% and 6.89% last month. While the year-to-date loss of the stock stands at 2.41%, it gained 40.12% last year.
Moreover, the CNSL stock had been trading in the red with mild losses for a few days. With no new developments or news from the company, the stock made a comeback in the after-hours on Wednesday. It seems like the slow ongoing dip in the stock interested investors for a buying opportunity as the stock rebounded in the after hours. Hence, the stock added a good 7.12% in the after-hours session.
Recent Developments
On January 05, the company announced a grant funding to K-12 schools, worth $42,000. Further, the grant was awarded for supporting innovative, technology-focused learning programs under its Consolidated Connects Educational Grant Program.
The Consolidated Connects grant is CNSL’s grant program that encompasses the company’s service area. Furthermore, it promotes creative student learning, 21st-century skills, critical thinking, and innovative technologies through school and district initiatives. In 2021, $60,000 was awarded through the grant program for the purpose.
In addition, the company awards the Consolidated Connect grants through a grant application process, annually.
CNSL’s Q3 2021 Financials
On October 28, the company reported its financial results for the third quarter of 2021.
In the third quarter of 2021, CNSL incurred a GAAP net loss of $4.5 million ($0.05/share), against a net income of $14.6 million ($0.20/share) in Q3 of 2020. Subsequently, the adjusted net income per diluted share was $0.18 and $0.23 in the third quarter of 2021 and 2020, respectively.
Additionally, the company generated total revenue of $318.6 million in the third quarter of 2021.
