SHEN SHENANDOAH TELECOMMUNICATIONS CO/VA/ Insider Trading

ECP ControlCo (10% owner) purchased 15,344 shares at $13.29 avg in 2 transactions totaling $203,965.24

ECP ControlCo acquired 15,344 shares across 2 separate purchases on 2025-09-10 and 2025-09-11 at a blended average price of $13.29, increasing holdings to 3,457,105 shares. The current price of $13.56 is -17.3% from the 52-week high and only +5.2% over the prior 30 days, suggesting modest recent momentum in a stock that has declined substantially from its yearly peak. The acquirer's same-ticker history shows 5 prior buys at SHEN within days of this filing (all from 2025-09-03 through 2025-09-09), indicating a concentrated accumulation pattern over a short window. However, the company's latest quarterly fundamentals are mixed: while annual revenue growth is +14.2%, the most recent quarter shows a net loss of $-9,132,000 against revenue of $88,568,000, which warrants attention to underlying operational trends driving the acquisition.

ECP Fiber Holdings GP, LLC (10% owner) purchased 15,344 shares across 2 transactions for $203,965.24 at blended average $13.29

ECP Fiber Holdings GP, LLC, a major shareholder holding 3.46M shares post-transaction, acquired 15,344 shares in two separate open-market purchases on 2025-09-10 and 2025-09-11 at prices of $13.29 and $13.34, representing a +0.4% net increase to its existing stake. The timing is notable: the five most recent trades at SHEN occurred across 2025-09-03 through 2025-09-10, suggesting active accumulation within a compressed window, though outcomes from these prior same-ticker purchases remain unmeasurable. Against the company's mixed fundamental backdrop—14.2% annual revenue growth offset by a $-9.1M net loss in the latest quarter—the insider's cross-ticker track record shows an average +8.3% return within 30 days across 20 prior buys, though no measurable data exists yet for the five recent SHEN-specific transactions. The current price of $13.56 sits modestly above the transaction prices and represents -17.3% from the 52-week high, placing the purchases in the lower portion of recent range activity.

ECP Fiber Holdings GP (10% owner) bought 509 shares in 2 transactions for $6,824.89 at $13.41 blended average

ECP Fiber Holdings GP, a 10% shareholder in Shenandoah Telecommunications, executed 2 separate purchases totaling 509 shares for $6,824.89 across September 8–9, 2025, at a blended average price of $13.41. The purchase represents a minimal net addition of +0.0% to its existing 3,441,252-share position. The timing occurs as the stock trades -19.1% from its 52-week high of $16.40, and the company is reporting negative earnings ($-9.1M net income in the latest quarter) despite strong revenue growth of +14.2% year-over-year. The insider's cross-ticker track record shows 20 prior buys with an average 30-day return of +8.3%, but the same-ticker history at SHEN consists of 5 recent buys (all within September 2–10, 2025) with no measurable 30-day or 90-day outcomes yet. This cluster of five consecutive buy days within a single week merits monitoring as more outcome data accumulates.

ECP ControlCo (10% owner) bought 509 shares at $13.41 avg on 2025-09-08/09

ECP ControlCo, LLC, a 10% shareholder, executed 2 separate purchases totaling 509 shares for $6,824.89 over two consecutive trading days at prices near current levels ($13.41 blended avg vs. $13.27 current). The holdings increase of 509 shares represents a +0.0% change to the existing 3.44M share position, indicating a routine maintenance-level addition. SHEN trades at a P/E of 3.75 with recent quarterly net income of $-9,132,000.00 against revenue of $88,568,000.00, though annual revenue growth stands at +14.2%. The stock is -19.1% from its 52-week high but up +11.7% over the past 30 days. All five of the insider's prior purchases at this ticker (2025-09-02 through 2025-09-10) remain within their measurement windows with no outcome data yet available, preventing any assessment of timing pattern at SHEN specifically.

ECP ControlCo (10% owner) purchased 5,068 shares across 2 transactions for $67,148.80 at $12.96–$13.45

ECP ControlCo, a 10% owner of Shenandoah Telecommunications, executed 2 separate open-market purchases totaling 5,068 shares for $67,148.80, increasing holdings from 3.44M shares to 3.44M shares (+0.1%). The blended average price of $13.25 sits 2.8% below the current price of $13.63 and well above the 52-week low of $10.50, placing the transaction within the upper third of the recent trading range. The company is currently unprofitable, reporting a latest-quarter net income of $-9.1M against revenue of $88.6M, though annual revenue growth stands at +14.2%. ECP ControlCo's 5 most recent same-ticker purchases (Aug 28 through Sep 8) are too recent to measure performance outcomes, and no pattern of well-timed execution has emerged from the 0 measurable historical trades at this ticker.

ECP Fiber Holdings GP (10% owner) bought 5,068 shares in 2 transactions totaling $67,148.80 at average $13.25, continuing rapid buying pattern at SHEN

ECP Fiber Holdings GP, a substantial 10% shareholder, executed two open-market purchases of 2,068 shares at $12.96 on 2025-09-04 and 3,000 shares at $13.45 on 2025-09-05, accumulating 5,068 shares for $67,148.80 at a blended average price of $13.25. This transaction extends a distinct pattern: the insider has executed 5 separate purchases at SHEN in the past 7 calendar days (2025-08-28, 2025-08-29, 2025-09-02, 2025-09-03, and this 2-transaction filing), signaling a deliberate and sustained accumulation over a compressed timeframe. The company faces a challenging fundamental backdrop: net income of $-9,132,000.00 in the latest quarter against revenue of $88,568,000.00, though annual revenue growth stands at +14.2%. At current price of $13.63, the stock trades at a P/E of 3.85 and is down 16.9% from its 52-week high but up 12.0% over the past 30 days, creating a mixed valuation signal that warrants assessment of whether this accumulation reflects conviction or is structured under predetermined parameters.

ECP Fiber Holdings GP (10% owner) buys 58,951 shares at $12.90 avg across 2 transactions totaling $760,393.71

ECP Fiber Holdings GP, a 10% owner of SHEN, executed 2 separate purchases totaling 58,951 shares for $760,393.71 on 2025-09-02 and 2025-09-03, at a blended average price of $12.90. The acquisition increased holdings from 3,377,233 shares to 3,436,184 shares, a 1.7% net increase in the position. The stock currently trades at $13.12, near the transaction price, but is -20.0% from its 52-week high of $16.40. Notably, ECP has executed 5 prior buys at this ticker in August–early September 2025, all within a narrow window, suggesting sustained accumulation during a period of price weakness. The company's fundamentals show elevated leverage with net income of $-9.1M in the latest quarter against revenue of $88.6M, though annual revenue growth stands at 14.2%, creating a mixed operational backdrop.

ECP ControlCo (10% owner) bought 58,951 shares for $760,393.71 in two tranches, raising stake by 1.7% to 3.44M shares

ECP ControlCo, a 10% shareholder, executed two separate purchases totaling 58,951 shares at $12.90 blended average on September 2–3, 2025, expanding holdings from 3,377,233 to 3,436,184 shares. This followed four prior buys at the same ticker within the previous week (August 26–29), establishing a pattern of consistent accumulation while the stock was down 20.0% from its 52-week high of $16.40. The company's latest quarterly revenue of $88,568,000.00 and positive annual growth of 14.2% contrast sharply with a net loss of $-9,132,000.00, creating uncertainty about near-term profitability. The insider's cross-ticker track record shows minimal outperformance (average 30-day return +0.2% across 20 prior buys), and same-ticker outcomes remain unmeasured due to recent timing.

10% owner ECP Fiber Holdings purchased 26,358 shares (26.4K) across 2 transactions for $349,452.46 at SHEN

ECP Fiber Holdings GP, LLC, a 10% shareholder in Shenandoah Telecommunications, executed 2 separate purchases totaling 26,358 shares for $349,452.46 at blended average price of $13.26 on 2025-08-28 and 2025-08-29. The accumulation represents a +0.8% increase to the filer's holdings of 3.38M shares. The current stock price of $12.95 is -21.0% from the 52-week high of $16.40, and the cross-ticker track record shows the insider's prior 20 open-market buys averaged -2.9% returns over 30 days. The company's latest quarterly financials reflect net losses of $-9.1M despite revenue of $88.6M and annual revenue growth of +14.2%, presenting a mixed fundamental backdrop. The timing and magnitude of this purchase warrant observation given the stock's recent -2.2% monthly decline and the unprofitable operating status.

ECP ControlCo (10% owner) bought 26,358 shares totaling $349,452.46 at blended avg $13.26 vs current $12.95

ECP ControlCo, a 10% owner of Shenandoah Telecommunications, executed 2 separate purchases totaling 26,358 shares for $349,452.46 on 2025-08-28 and 2025-08-29 at a blended average price of $13.26. The current stock price of $12.95 is 21.0% below the 52-week high, and the company reported a net loss of $9,132,000 in the latest quarter alongside annual revenue growth of 14.2%. The insider's 5 prior trades at SHEN remain unmeasurable (too recent), so no predictive pattern exists at this ticker; however, the cross-ticker track record shows 20 prior buys with an average 30-day return of -2.9%, suggesting past purchases have not immediately reversed downward price momentum. The low P/E of 3.66 and large position increase (+0.8% to 3.38M shares) indicate continued commitment, but the timing into a depressed price window carries execution risk given recent purchase returns elsewhere.