Patriot National Bancorp Inc. (NASDAQ:PNBK) Sees Large Growth in Short Interest

Patriot National Bancorp Inc. (NASDAQ:PNBK) saw a large increase in short interest during the month of January. As of January 30th, there was short interest totaling 2,305,817 shares, an increase of 28.8% from the January 15th total of 1,789,950 shares. Approximately 2.3% of the shares of the company are short sold. Based on an average daily volume of 150,813 shares, the short-interest ratio is presently 15.3 days. Based on an average daily volume of 150,813 shares, the short-interest ratio is presently 15.3 days. Approximately 2.3% of the shares of the company are short sold.

Patriot National Bancorp Stock Performance

Shares of PNBK stock traded up $0.03 during trading hours on Tuesday, hitting $1.40. The company’s stock had a trading volume of 124,898 shares, compared to its average volume of 165,020. The stock has a market cap of $160.99 million, a PE ratio of -0.52 and a beta of -0.71. Patriot National Bancorp has a 12-month low of $0.90 and a 12-month high of $7.47. The company has a 50 day moving average of $1.62 and a 200 day moving average of $1.47. The company has a current ratio of 0.96, a quick ratio of 0.94 and a debt-to-equity ratio of 0.17.

Patriot National Bancorp (NASDAQ:PNBK) last issued its earnings results on Friday, November 14th. The bank reported ($0.03) earnings per share (EPS) for the quarter. Patriot National Bancorp had a negative return on equity of 37.63% and a negative net margin of 35.17%.The business had revenue of $7.22 million for the quarter.

Analyst Ratings Changes

Separately, Weiss Ratings reiterated a “sell (d-)” rating on shares of Patriot National Bancorp in a research note on Monday, December 29th. One research analyst has rated the stock with a Sell rating, According to MarketBeat.com, the stock currently has an average rating of “Sell”.

Institutional Trading of Patriot National Bancorp

Hedge funds have recently modified their holdings of the stock. Axxcess Wealth Management LLC purchased a new position in Patriot National Bancorp during the second quarter valued at approximately $324,000. Elyxium Wealth LLC acquired a new stake in shares of Patriot National Bancorp during the 2nd quarter worth approximately $32,000. Suncoast Equity Management acquired a new stake in shares of Patriot National Bancorp during the 2nd quarter worth approximately $28,000. Geode Capital Management LLC increased its holdings in shares of Patriot National Bancorp by 3,772.1% during the 2nd quarter. Geode Capital Management LLC now owns 1,046,216 shares of the bank’s stock valued at $1,590,000 after purchasing an additional 1,019,197 shares in the last quarter. Finally, Intech Investment Management LLC acquired a new position in shares of Patriot National Bancorp in the 2nd quarter valued at $34,000. Hedge funds and other institutional investors own 39.25% of the company’s stock.

Patriot National Bancorp Company Profile

Patriot National Bancorp, Inc, through its subsidiary Patriot National Bank, operates as a community-oriented bank headquartered in Fort Lauderdale, Florida. The company offers a comprehensive suite of retail and commercial banking products and services to individuals, small- to mid-sized businesses and institutions. Its core deposit offerings include checking and savings accounts, money market accounts and certificates of deposit, all supported by online and mobile banking platforms.

On the lending side, Patriot National Bank provides commercial real estate and business loans, construction and development financing, residential mortgage lending and consumer installment loans.