Some of the drop of course related to X dividend, but shouldn't have been this much. Wonder if it is the first qtr earnings report that someone got wind of. Anyway, I'll be monitoring, may be a good time to add here.
I think you might be right. It's funny, those folks would have been better selling last night and rebuying today. They would have ended up with more shares.
I wonder if a trading strategy of buying on the first ex-date and selling on the eve of the next ex-date would make sense, especially for a small cap, low volume stock like CNSL. This would also convert dividend income into capital gains income.
Long: CNSL, for what appear to be pretty dependable dividends